Evaluate the impact of recent technological developments

on the future of the global economy

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Module Title: Academic language
Module Code: LD7174
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Table of Contents
Essay............................................................................................................................3
References...................................................................................................................5

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Essay

The development in the technology has great impact on the global economy and the

advancement of technology has greater potential for changing the future in terms of

global economy. Technology has not only allowed to connect and produce, it has

allowed more humans to generate and test new ideas and objects and it has also

contributed in reducing the costs and risks of innovation, product development and in

global economic activities. With the help of the latest technology businesses are able

to demonstrate their products and services by the help of AI on billboards which

further enables the businesses to attract more customers. Due to the technological

advancements the businesses have bright future because by using the technological

features effectively businesses can therefore increase their profit levels and enhance

their brand image effectively (Ghauri, et al., 2021).

Technological changes have enabled the productivity of global markets with the

presence of telecommunications and transportation. Companies can use the

technology for outsourcing their products and their manufacturing processes

successfully to different countries at a similar time. The convergence of technological

features has enabled globalization and it has increased the capacity and productivity

of the global markets. In the present time with the ability of robots,

telecommunications and computers, production units utilize the advanced machines

for performing routine tasks in workplace that were initially thought to require human

knowledge. This leads to workers being concerned as they would be further replaced

by the advanced technologies and machines.

The fear of employees for losing their jobs has increased than before because in

future machines can do all those humans can do. However, AI assistance in the job

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will help humans for enhancing their life/work balance freeing them to do more

meaningful work. Global companies by using effective technological features have

experienced high number of profits such as Alphabet and Facebook with combined

has $1.9 trillion value in the market (Ghauri, et al., 2021). With the help of using AI

features these companies has sustained their brand value in the market effectively

and efficiently. Thus, it can be concluded that technological advancements have high

impact on the growth of the companies.

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References

Ghauri. P., Strange. R., & Cooke. l. F., (2021). International Business Review. In

Elsevier (Ed). Research on international business: The new realities, 30- 2, Pp

101794.