The emergence of technology in recent years has compelled me to write about this topic. Used for commercial, industrial and leisure purposes, technology has become an integral part of society. Although the proliferation of technology has led to job creation and raised economic welfare in some countries, it has also accentuated the economic disparities between the different countries of the world.
In this paper, I will strive to answer the question of what can be done to bridge the economic gap between developed and developing countries. Emphasis will be placed on a few countries namely Singapore, which has recently undergone rapid economic growth, and Rwanda, a poor agriculture-based economy.
I chose this topic because I believe it is important to discuss, consider and resolve the relevant challenges that we face today. The global economy affects everyone - delving into the usage of technology could improve it. Global Perspective
Singapore, which only gained independence in 1965, is a prime example of how technology can ameliorate living standards and elevate the economic status of a nation. According to the BERI Report in 2011, Singapore ranked first as the city with the best investment potential. As of 2012, it had one of the highest GDP per capita in the world - US$52,918. It placed second in the world as the country favoured for foreign investment, based on the Globalisation Index 2012.
Singapore placed second on the Network Readiness Index (NRI) by the World Economic Forum. In terms of ICT usage, it places third - individual usage (11th), business usage (14th) and government usage (1st). Its outstanding success in economic growth has been closely linked to the city-state’s resolute efforts to embrace the ICT revolution.
Singapore began as a third-world nation with high levels of unemployment and poverty, poor infrastructure and limited access to natural resources, after separating from Malaysia in 1965. The GNP per capita was less than US$320. The few industries which existed only catered for domestic consumption which meant direct foreign investment was uncommon.
In response, the Economic Development Board (EDB) was established by the Singaporean government, with a budget of $100 million, to be in the vanguard of an investment drive. The Jurong Industrial Estate was formed to create employment and facilitate industrial development.
By the seventies, a stable manufacturing base which included sophisticated computer peripherals and software programs had been built up. Furthermore, the Manpower and Training Unit, The Overseas Training Programme, and Joint Government Training Centres were initiated to provide training to the Singaporean labour force.
In the eighties, knowledge-intensive activities such as computer software services, design, and engineering escalated. The Skills Development Fund was implemented so that employers could enjoy grants for the provision of training to employees....