Write a short essay on technology and emerging markets

What will be an ideal response?

The developing economies are at a very early stage, while the emerging markets are quickly catching up to the advanced economies. Technology is the knowledge and application of tools, techniques, systems and methods of organization to serve industry, science, and the arts. Technology is vital to economic development and includes not just hardware computers, telephones, and industrial machinery; it also includes the associated software knowledge management, educational systems, worker skill levels, banking infrastructure, and so forth. In the advanced economies and emerging markets, information and communications technologies have had an enormous impact on knowledge acquisition and on worker and personal productivity. Absence of such technologies in the developing economies helps explain why they are well behind the other countries in education, economic output, and future prospects.