An Assessment of the Impact of ICT on Economic Growth - Dissertation Example

Various forms of technologies have been very helpful in the economic aspect of a country in a sense that it facilitates production of goods and assists in offering services.As technology evolves, the setup processes in the modern economic system also evolve to respond to technological change. Today, the most visible form of technology is the information and communication technology (ICT). ICT does not simply aid in the production process of the different business firms. More specifically, ICT also assists in almost every aspect of economic activities such as consumption, communication, and transaction.

ICT are also agents of globalisation such that it removes the geographical barriers among countries through the proliferation of the online environment via the Internet (Clarke 2002).Without a doubt, ICT revolutionised the manner by which economic processes and activities are undertaken. As a consequence to its modernisation function, ICT also allows for more accelerated conduct of business transactions, especially during the emergence of the Internet.Simple observable instances can justify such claim.

For instance, a business communication more than a decade ago can be sent to the recipient after a number of days, depending on the distance separating the sender and the recipient. At present, through the power of the Internet and electronic mail, delivery of a business communication could be as fast as a click of the computer mouse. ICT also allows people to do other forms of business transactions by simply sitting in front of the computer and, there, they can order goods and services online.

With the help of ICT, conducting business is not only expedited but, more importantly, it is also done with greater efficiency and less cost.