9, no. Web. The Economic Impacts of ICT-What Have We Learned Thus Far. New media and ICT have enabled diversification and growth of the economies by promoting innovations, free enterprises, creating well-paying job opportunities (particularly online jobs), and developing a skilled workforce by pooling together global intelligence. The study of knowledge economy highlights the significance of ICT and learning in the creation of wealth and competitive advantage in the global economy (Foss, 2002, p. 10). First, investment in ICT contributes to capital deepening and therefore helps raise labour Its contribution to the GDP has increased to 5% in fiscal year 2020/2021 compared to 4.4% in 2019/2020. The advent of the internet and cloud computing have significantly reduced the cost of software and computing infrastructure. The Intellect Digital Convergence Council 2010, Capitalizing on Convergence, IDCC, London. However, most literatures nowadays agree that investment in ICT has promoted productivity. Egypt's ICT Plan Egypt has successfully mainstreamed ICT as part of its national development strategy over the last decade Successive strategies based on the domestic and international market realities and developments National CIT Plan 2000 Information Society Initiative 2003 ICT Strategy Plan 2007-2010 Main Policy focus Foss, N J 2002, Coase vs. Hayek: Economic Organization and the Knowledge Economy, International Journal of the Economics of Business, vol. A short summary of this paper. if ( number_show_ads > 0 ) { Most studies concur that technological changes increase the demand for skilled workforce compared to non-skilled workforce. A .gov website belongs to an official government organization in the United States. Hitt LM, Frei FX, & Harker PT,1999, How financial firms decide on technology, In Brookings Papers on Financial Services, ed. New media and ICT have also helped many countries to tackle periodic challenges efficiently and effectively, for instance, the problem of insecurity, natural calamities, weather forecasting, and health care delivery among others. An important challenge for OECD governments is how to seize greater benefits of information and communications technology (ICT) for economic growth and development. setTimeout(function () { bsaProContainer.fadeOut(); }, number_hide_ads * 1000); The database is updated daily, so anyone can easily find a relevant essay example. There are other regulations under discussion such as data classification and data localization. Washington, DC 20230. It needs to be aligned, through government support, with a fast-track programme to develop, implement and rapidly adopt ICT. Although these results have generally found a positive correlation between ICT and economic growth (Jipp, 1963; Gilling, 1975; Hardy, 1980; Saunders et al., 1983), for the most part . Digital convergence across ICT, media, and other content sectors provides new opportunities for organizations and the general consumers. Without a doubt, there is some doubting Thomas, for example, Gordon (2000, p. 50) who argues that ICT in general has very little impact on the economy compared to earlier inventions such as power. 56, pp. })(jQuery); Connect-World is a magazine in both print and online formats. OECD (2000) state that the growth in multifactor productivity is as a result of technological advancement and enhanced efficiency. Although the Middle East and North Africa, MENA, countries face enormous obstacles to self-sustaining growth, businesses can play a greater role in promoting reform and global competitiveness. These economies are replacing manufacturing and assembly plants with economic values signified by exceptionally intricate, miniaturized, and integrated hardware and software systems and designs that use them (Foss, 2002, p. 13). Share sensitive information only on official, secure websites. As a result, ICT has not only helped to improve the productivity of the economy but also the general well being of the people (The Intellect Digital Convergence Council, 2010, p. 11). In empirical analysis of economic growth, three effects of ICT are typically distinguished. Download. Kuwaits E-Government Action Plan, Saudi Arabias Home Computing Initiative, the PC for Every Home initiative in Egypt and the National ICT Agenda in Iran, are all examples of governmental efforts to increase their nations ICT competency while developing their infrastructure. Appraising the benefits of the growing use of computing technology is not easy. Due in part to the Covid-19 outbreak, Egypt has witnessed as acceleration of its digital transformation plan. So, far! Explain the impact of ICT on economic development in the developing countries showing the economic theory that can be applied herein. Part of Vision 2030 is to increase localization through increasing the local content. ICT provides unprecedented opportunities to effectively fight against poverty in the developing countries: for example, ICT can support the poor in business development, foster empowerment of the poor, facilitate access to education and health, help improve the environment and prevent natural disasters. However, proponents of ICT and the new media technologies argue that more jobs have been created by these technologies than the one that have been lost. We invented and developed technologies to change our lives to their best. Besides economic considerations, ICT has helped to tackle societal challenges in a reflective manner, for instance, it has improved access to education, health care delivery, efficiency and effectiveness of state functions, and the contribution of the general public in decision making. Today, 3.6 billion people are still offline, and the improvement of connectivity is slowing down. ICT in the Middle East can impact economic growth in the region by bringing a wide range of industries, institutions, as well as its workforce, onto an equal footing with leading global economies. Decent Life (Haya Karima) is a presidential initiative to raise the efficiency of the telecommunication infrastructure in villages. Moreover, since the onset of zone develop-ment in developing countries, concerns have been raised about the impact of zones on employment The ministrys Digital Egypt Project aims to supply all government entities with fiber-optic cable connections. According to Khajeh-Hosseini et al. The spread of ICT in developing countries has been even more remarkable. Organization for Economic Co-operation and Development (OECD), Paris. A case study conducted by Khajeh-Hosseini et al. 1. "ICT and Economic Growth." Croatian, 2019. 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APDF readeris available from Adobe Systems Incorporated. ICT in the Middle East can impact economic growth in the region by bringing a wide range of industries, institutions, as well as its workforce, onto an equal footing with leading global economies. 28 Jul 2003 104 pages English Also available in: "ICT and Economic Growth." the future. Official websites use .gov These new technologies have significantly shaped the nature of work and the general economy. What counts now is how the technology should be made to work. It argues that ICT remains an important technology for the years ahead, as ICT networks have now spread throughout the economy. A lock ( In the past, the economy of most countries depended on the agricultural and industrial sector. With the growing IT sector and production of ICT, remarkable economic growth has been observed. The results of these studies were summarized in Solows (1987, p. 36) broadly repeated line: the computers were all over the place except in the figures gauging productivity. A research was conducted to examine the link between ICT capital intensity and labour productivity among US industries from early 70s to late 90s. Moreover, investment in ICT has had a significant impact on the growth and structural change in both industrialized and emerging economies. In June 2020, the Egyptian government announced a plan to improve the infrastructure for internet services by increasing the average internet speed. Download PDF. On a global scale, the ICT has created approximately 5.4 percent of the aggregate GDP during the same year and the figure was expected to increase to over 9 percent by 2020 (ICT QATAR 2012). The Economic Impacts of ICT-What Have We Learned Thus Far. Dr Koponen came to Wataniya Telecom with extensive telecommunications experience. The Malawi Communications Regulatory Authority (Macra) says Malawi is making progress in ICT penetration due to among others the emergence of mobile communication services in terms of both voice and data. The question is why are new media technologies seen as the new engines of economic growth in many countries? First, there is a paradigm shift from agriculture and industrial production to service and information sector. GSM is ICT based telecommunication that can contribute to the growth and development of any nation. It provides the tools necessary for the widespread integration of the regions non-connected populace by making technology more accessible. The use of information and communication technology (ICT) is directly related to economic growth. Connect-World also publishes a yearly Global issue, as well as special editions to commemorate special events. Need a custom Essay sample written from scratch by He served as the President and CEO of Sonera Corporation, Deputy CEO at TeliaSonera, Executive Vice President and General Manager of Ericsson North Americas Consumer Product Division, as global account executive at Ericsson for Vodafone, and spent a period leading the SonyEricsson business North American Market Unit. This paper summarises some of the findings on the impacts of ICT, and examines results from aggregate, sectoral and firm-level studies. The government is planning for the NAC to be a Smart City, and is investing heavily in the new citys telecommunications and ICT infrastructure. WHAT ARE THE BENEFITS OF ICT? 2. Kuwaits E-Government Action Plan, Saudi Arabias Home Computing Initiative, Egypts PC for Every Home initiative, Irans National ICT Agenda and ict Qatar are all examples of programmes designed to help the Middle East became part of the information economy. Stiglitz, JE 1999, Public Policy for a Knowledge Economy, Department of Trade and Industry, London. Focusing on OPEC, Sepehrdoust and Ghorbanseresht (2019) find that ICT spur OPEC's economic growth from 2002 to 2015. After that, the paper reviews the role of new media technologies in economic growth. Digital media are forms of media that merges, integrates and stores data in digital format and distributes them across networks. international competitiveness by encouraging the effective utilization of ICT equipment and software. Moreover, based on the dynamic nature of ICT, ICT use index shows wide variation. What is Powell, WW, & Snellman, K 2004, The Knowledge Economy, Annual Reviews of Sociology, vol. The productivity and success of a company and of the economy as a whole depends on the efficiency and effectiveness of assembling and utilizing knowledge. (2019, December 11). 3357. Decision makers evaluate the proposals according to the technical and commercial merits of the proposals. Key terms: Information and Communication Technologies, ICT Capital Services, Economic Growth, Income Groups JEL Classification: C23, E13, E22, O11, O43 Abstract The purpose of this study is to investigate if growth in ICT investments affects output growth differently across four income groups. Roach (1987, p. 8) confirms that from early 70s to late 80S, computer investment increased from 6% to 15% in the service sector. ICT has reduced the cost of financial institutions, banks, etc. The Ministry and ITIDA are open to suggestions and proposals especially in the areas of cybersecurity and artificial intelligence area. Second, new media and ICTs have speed up the creation of new knowledge. This is a best prospect industry sector for this country. It argues that ICT remains an important technology for the years ahead, as ICT networks have now spread throughout the economy. Information and communication technology (ICT) is considered a significant factor in economic growth and development. With Internet penetration rates, according to IWS, of 0.1 per cent in Iraq, 1.0 per cent in Yemen, 10.6 per cent in Saudi Arabia, 25.6 per cent in Kuwait and a maximum of 35.1 per cent in the UAE, it is clear that while countries with higher Internet penetration rates are wealthier, a lack of educational facilities and programmes providing computers and Internet access for the poorer sectors of society will result in their inability to operate in an ICT dominated world, and the alienation of vast sections of Middle East society. 2- Since our data set consists of 159 countries for 10 years; the dynamic pattern of the data cannot be ignored. Economic expert states that ICT impacts over 50 percent of the Europe's productivity and directly contributes about 7-8% of its GDP (Patel, 2008, p. 2). According to economic expert knowledge is the only resource whose value increases instead of decreasing, therefore causes a lot of confusion among economists. In addition, trade openness and gross fixed capital formation (GFCF) have a positive and significant effect on economic growth. The analysis of estimates reveal a significant impact on economic growth of investments in ICT towards specific region implies whereby countries seek to enhance their economic growth, they need to implement specific policies that facilitate investment in ICT. Financial institutions could take advantage of ICT development to not only expand their financial services globally but also to supply them at a reasonable cost, thereby stimulating economic growth. 30, pp. Now, as economic gloom haunts the world, even as a new Therefore, several multinational companies provide raw material and cooperate with local entities to have an assembly line in Egypt. As already mentioned, the role of ICT on the economy cannot be understood without exploring the significance of the knowledge economy (Stiglitz, 1999). We welcome the opportunity to work with governments like Kuwait that are using information technology to foster a knowledge-based economy providing new jobs and new opportunities for its citizens. Similarly, a Memorandum of Understanding signed with ict Qatar in line with the countrys strategy to realise its ambitions of becoming a top knowledge-based society, points to the concrete steps being taken to capitalize on ICTs potential. The second section is a review of the relevant literature. Its faster, smarter, and better for business, Nokiaand Kineticuse applicationcontainers for adding cybersecurity and parental control to broadband devices, Datto Global State of the MSP Report Reveals Biggest Challenges Facing MSPs, Bored of 5G: 6G mentions in company filings rise by 32% since 2019 as tech companies already looking beyond 5G, finds GlobalData, Stand Back! Online sites like Maktoob.com, that was recently awarded the Information and Knowledge Portal of the Year award at the 12th Middle East ICT Excellence Awards in Dubai, is a leading example of the power of investing in comprehensive online content in Arabic, and providing an incentive for Arabic-speaking individuals to be connected to the World Wide Web. The Ministry of Communications and Information Technology is open for suggestions, recommendations, new technologies and processes. The strategy also includes a plan for the digital transformation of core government services in the following areas: education, healthcare, and government services. (function ($) { The rapid diffusion of the Internet, of mobile telephony and of broadband networks all demonstrate how pervasive this technology has become. Every nation has embarked on economic development and usages of information and communication technology in socio-economic, health . ICT includes software, networks, hardware, media collection, processing, storage, presentation, and transmission of data. your login credentials do not authorize you to access this content in the selected format. It oversees the following organizations: The government is currently focused on moving towards a digital economy and accelerating the countrys digital transformation, which offer opportunities for ICT companies. Big businesses in the region, such as the banking, telecommunications and transport industries for example, are offering their customers an advanced array of online services, and online merchants benefit as a consequence of these activities. IvyPanda. The challenges to successful ICT policies have risen steadily with the increasing sophistication USA.gov|FOIA|Privacy Program|EEO Policy|Disclaimer|Information Quality Guidelines |Accessibility, Official Website of the International Trade Administration, Information and Communications Technology; and Digital Economy, Egypt - Information and Communications Technology; and Digital Economy, Comply with U.S. and Foreign Export Regulations. Egypts Boraq for Electronic Industries, BEI, is the first and only computer-manufacturing facility in the Middle East. This is attributed to computer-labour substitution where technology substitutes non-skilled workforce. Some applications witnessed a significant increase of usage like: Zoom (3465%), Telegram (1100%), and YouTube (115%). Studies that rely on general macroeconomic data have failed to establish the relationship between ICT and productivity, whereas studies relying on comprehensive, company-level data have been more successful in establishing the relationship between the two factors. IvyPanda. ensure the integrity of our platform while keeping your private information safe. with data on 53 african countries from 2005 to 2015 using mobile phones and fixed telephone subscriptions as indicators of ict, findings provide evidence that (1) trade is a significant and positive predictor of growth, (2) the impact of trade on growth differs significantly across africa's sub-regions, (3) the effect of ict adoption differs With over four million subscribers, the site is yet another example of the impact ICT can have on economic growth in the region. Similarly, Berndt and Morrison (1995) discovered that the marginal product of ICT was less than the associated costs. The Ministry is also working on developing six technology parks in the cities of Minya, Menoufiya, Mansoura, Sohag, Qena and Aswan. Therefore, the value of a general purpose technology depends on the ability of the staff to come up with new processes and structures in the organization (Hitt, Frei & Harker, 1999, p. 102). The two forces have significantly enhanced the potential and capacity of e-business (CIO Communications, 2000, p. 3). Open navigation menu. The first phase of Knowledge City, which will be located inside the NAC, is completed. 93136, Brook. The Intellect Digital Convergence Council (2010, p. 10) emphasizes that the future only belongs to the economies that are harnessing ICT for socioeconomic gain. ICT is steadily increasing its role as a key propagator of growth in the world economy. B. Patel, V 2008, Digital Convergence in Asia: Its Role in Regional Growth, Spectrum Value Partners, Mumbai. This site contains PDF documents. Harri Koponen is the CEO and General Manager of Wataniya Telecom. Our panel data analysis is based on a sample of 101 (2010), the third party infrastructure presents numerous prospects for businesses to enhance the management of their revenues and information exchange. The ICT penetration index constructed for the major trading nations is based on trade of ICT . New media and ICTs have accelerated the creation of new knowledge. US Department of Commerce 2000, Digital Economy 2000, US Department of Commerce, Washington, DC. The current economies are not only shaped by advancement in computer hardware and software, but also increased connectivity (Standards Australia, 2001, p. 20). However, the productivity of the white-collar information staff was below par compared to the general staff. Select one or more items in both lists to browse for the relevant content, Browse the selectedThemes and / or countries. We utilize security vendors that protect and It will include applied research centers for technology to facilitate technical training, software and applications development, and data design. A locked padlock ) or https:// means youve safely connected to the .gov website. To this end, we apply panel data techniques to the 27 EU countries over the period of recovery . We also examine the relationships among these variables in the short and long run. Change in technology is normally associated with job loss and increased wage differentials (Powell & Snellman, 2004, p. 212). and (2) what factors moderate the ICT-growth relationship? It creates collaboration using different online platforms. ICTs, regardless of their place of manufacture, often always find their way into the markets of the developing countries where they are bought and sold. Sometimes, there is an RFP for certain companies to participate in a project. Scribd is the world's largest social reading and publishing site. As a nonmonetary variable, teledensity (the number of fixed telephones per hundred inhabitants, if available, including mobile phone subscribers and internet broadband subscribers) is usually used to investigate the ICT-growth nexus. They have achieved this by improving access to the current knowledge through networks, facilitating online interactions and accelerating the speed of knowledge dissemination and pooling together global intelligence. Flew, T 2006, Introduction to New Media, Oxford University Press, London. It also has potential for promoting pleasure . change is the growth of multiple operating systems as a reality that informs any major suppliers to the enterprise IT market. Dirk Pilat. This Special Issue of the Journal of Telecommunications Policy examines the effects of ICT on economies in Asia, This way, the countries in the region will ensure that all the coming generations will be ready to take advantage of the benefits of ICT and participate actively in its development, implementation and management. This study develops an information and communication technology (ICT) penetration index and examines the link between ICT penetration and economic growth, trade openness and foreign direct investment in major trading nations from 2001 to 2018. According to Flew (2006, p. 5), new media is basically computing and information technology, communication networks and digital media arising out of the convergence process. However, there is part of economic growth that is not captured by growth in productive inputs. However, towards the beginning of the 21st century, a couple of studies reported a positive link between ICT investment and the productivity of labour (Oliner & Sichel, 2000). must. Information and communications technology (ICT) skills refer to one's ability to converse with people through various technologies. Analysis of the impact of information communication technology on economic groth0 - Read online for free. Purpose The aim of this study is to examine the impact of foreign direct investment (FDI) inflow and information and communication technology (ICT) on the economic performance of India by analysing annual data from 1991 to 2019. investment in ICT has had a significant impact on the growth and structural change in both industrialized and emerging The World Economic Forum on the Middle East 2006 Business Agenda stated, The worlds greatest economies are led by businesses. but overall on international economic, trade, and ICT issues the US was the dominant force. 1401 Constitution Ave NW This paper. WHAT IS THE MAIN PURPOSE. Those examples point to how ICT in the Middle East could have a massive impact, significantly improving and alleviating problems. This process has been completed in 5,300 government buildings across Egypt, and when completed will connect some 32,000 buildings at a total cost of 6 billion Egyptian Pounds (approximately $375 million). View WHAT I HAVE LEARNED IN ICT.pptx from CSC DATABASES at San Francisco State University. Total investments in the sector in year 2020/2021 has reached almost $3 billion. Most countries, for instance, Qatar has realized that without a strong commitment to improve the ICT their vision would never be realized. You can use them for inspiration, an insight into a particular topic, a handy source of reference, or even just as a template of a certain type of paper. ICT and economic growth Studies on the relationship between ICT development and economic growth began in the 1960s, and have since been conducted mainly in the US. And just this simple act of exchange generates millions of dollars in revenue to the governments depending on the size of the market. Plus how are these countries coping with the challenges posed by these new technologies?. Now that technology is changing our lives every second. Its contribution to the GDP has increased to 5% in fiscal year 2020/2021 compared to 4.4% in 2019/2020. They have achieved this by improving access to the current knowledge through networks, facilitating online interactions and accelerating the speed of knowledge dissemination and pooling together global intelligence. This calls for long-term commitments from regional governments to educate their youth and create an ICT infrastructure so they can compete in the worlds marketplaces. This is IvyPanda's free database of academic paper samples. The ministry also launched in 2020 Our Digital Opportunity initiate to engage with SMEs in the digital transformation process. A number of important issues will be raised in the study through the application of the theories to a real life situation. Nor does the rate or volume of information transfer considered in the productivity measurement. All these challenges have considerable impact on the economy. Unlike many other tangible goods whose returns diminish with time, knowledge returns increase with consumption. New media and ICT acts both as an innovative sector and a facilitator towards the knowledge-based economy. But while the use of information and communication technology seems to have had a substantial impact on the performance of the United States economy, the evidence for other countries is much weaker. 1- There is correlation between the new error term () and the differenced lagged-dependent variable ( ). On the other hand, digital convergence has been used to bridge the digital divide and empower individuals in the developing economies. Technological convergence has been facilitated by digitization of media, globalization of corporate brands, the growth of online communities, the growth of internet and formation of new online communities, and the development of browsers and digital devices (The Intellect Digital Convergence Council, 2010, p. 9). The New Administrative Capital (NAC), 30 miles east of central Cairo, is expected to eventually house most central government offices, with a target move-in date of mid-2021. Nonetheless, there are mixed reactions to the spillover effect from the empirical perspective. 9-35. var bsaProContainer = $('.bsaProContainer-2'); 9789264101296 (PDF). Includes a market overview and trade data. According to Black and Lynch (2000), ICT facilitates other complementary investments which help the companies to minimize costs and enhance the quality of output, thus resulting in a long-term growth in productivity. However, the frontier of these advances has shifted away from individual devices to integrated systems of interrelated Downloadable! adoption is not a simple task. 20-years of data from 101 countries were used in the study. Most Asian giants, for instance, Japan and South Korea are understood to have the largest digitized advertising market. 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