Discover how Technology’s Role in Economic Development Shapes the Future

The impact of technology’s role in economic development is gigantic! There are major changes taking place and the trend for the future is for technology to dominate more and more, in all areas, whether in the personal life of each one, as well as in companies.

Today, we will address everything about the role of technology in economic development, both for you who use them only in your daily life, and in large industries.

Our goal is to keep you well informed about how technology impacts the economy not only in the United States, but in the world as a whole. Keep reading.

Technology has forever changed small businesses

Small businesses are the most benefited by the advancement of technology. This made it easier for them to increase the ways of serving their customers, faster and without losing quality in service.

Most of the small enterprises are local and faced great difficulty in attracting more customers. However, now they can easily reach everywhere in the United States. Selling through their official website or through an intermediary, such as Amazon, for example.

This represents a substantial increase in the sales of the business, which reflects on revenue. In this way, small businesses are able to grow, hiring more people and automatically moving the national and especially local economy.

How are technologies changing the job market?

If, on the one hand, technologies allow companies to grow, moving the economy. In other sectors, the reality is different.

Due to the advancement of AI and automation tools, many employees have been replaced by machines. Which increases unemployment, especially in labor-related jobs.

The reality is that the market is increasingly competitive, so most Americans who do not have qualifications face financial difficulties. The jobs that were necessary in other times have now become replaceable by automations.

Therefore, an incentive from the government is needed to qualify Americans, seeking to reposition this audience in the market.

Entrepreneurship has never been easier for Technology’s role in economic development

Starting a business has never been easier than it is today. Today, with little money, it positions itself in digital and in a few days it manages to have its first customers.

Perhaps you believe that the statement in the title is a lie. To do this, let’s see how difficult it was to be an entrepreneur 30 years ago. Imagine that you want to open a clothing store in 1995.

For this, first of all he should find a supplier, buy a large amount of products to be able to compete. In addition, you will need to find a place, tidy up, buy furniture, hire employees. Now, with everything ready, just wait for customers to come to you. Knowing that you are limited by the people in your area.

Now, in 2025, let’s see how much simpler it is, we will use the same example (a clothing store). You must create an online store, find a supplier that works with Dropshipping, invest in paid traffic and social networks to engage with the public. Thus, you can start selling, in a short time and the best, to the entire United States.

Obviously, not everything is perfect. Because of the ease, the market is highly competitive, but even so, the path to entrepreneurship is much simpler.

Life has become easier with technology, but it is also worrying

In the past, how did you (or your grandfather) make a purchase? He had to travel to the place, face huge queues, lose hours of his day, and then make the purchase. Now, everything is just a click away from your phone and is brought to you. This doesn’t just apply to shopping in gerla, but even to delivery.

Although it is a great advantage, it is important to highlight some problems with this technological advance. The main one is social distancing. It is common for the new generation (generation Z) to have little or almost no social contact. Because of this, many face difficulties when it comes to positioning themselves in the job market, simply because they do not know how to express themselves.

Due to this fact, most young people have turned to areas where working from home is common. Prioritizing careers such as programming. However, this generates a lack of qualified professionals in other areas and an overload in the programming market, devaluing the career.

Therefore, we recommend that you use technologies, but do not give up social contact. It is true that most of the opportunities you will have in your life come from your network of colleagues and friends. You’ve certainly heard the phrase “just being technically good isn’t enough”. New doors and especially promotions will depend on these skills.

Fintechs have changed banks

Having a bank account in the past was very difficult, only those who had large amounts could do it. Now, on the other hand, when you reach the age of majority, you can already have a card, if you don’t have a student credit card.

This democratizes access to credit cards, financing and loans. On the one hand, this is great, but on the other hand, it raises concerns, due to the lack of financial education, which increases the tendency to get into debt. The importance of personal finance management is increasingly increasing.

Conclusion (Technology’s role in economic development)

Today, we see that technology’s role in economic development has changed society as a whole, from the increase in the volume of companies’ customers, to the ease of everyday life, especially with delivery and uber, not to mention fintechs that have democratized access to banks.

However, there are some points that should be highlighted, such as the need to invest in financial education, due to the high indebtedness of the population. In addition, there is a growing unemployment in manual jobs, due to automation. Thus, the government, in partnership with private institutions, will have to position itself to requalify Americans.

The question that remains is: what will the future be like? Technology has never advanced as much as it does today. The trend is to increase ease in everyday life, however, the scenario is also worrying, as there are strong indications that more and more professions have ceased to exist.