How to Bridge the Gap Between Developed and Undeveloped Countries

Introduction

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 embrac...

... middle of paper ...

...o are investors of technology.
The role that ICTs play in supporting economic growth and job creation has recently drawn much attention. ICTs are a crucial source of innovation which is essential in the current information revolution that is changing social and economical activities in our societies. It will allow firms to increase productivity and output to become cost-competitive. Consumers enjoy of a wider variety of goods and services and convenience through e-commerce.
Singapore demonstrates that a lack of natural resources are not a hindrance to technological and economic development, and Rwanda serves to illustrate that a country once marred by wards and genocide country can still develop an inclusive ICT ecosystem, if policymakers work in tandem with firms and consumers. Bridging the digital divide will play a significant role in bridging the economic gap.