The Lack of Fresh Technology affecting the Economic Growth

By | August 21, 2019

From an agricultural economy to fast industrialization, followed by its growth and digitalization, we are now moving into the 4th Industrial Revolution–as Professor Klaus Schwab, the World Economic Forum’s Executive Chairman said.

Unlike other revolutions, this one is one of its kind in the sense that its adverse effect is not limited to a particular industry, but alters both our physical, digital, industrial and financial spheres.

That means our perspective is being reshaped. Using artificial intelligence (AI)-based systems, self-driven cars, computer-dictated neurological responses, algorithmic warfare, 5G, reprogramming and genetically engineered DNA for required traits and whatnot, it can redefine what it means to be human.

It may have unnoticed uncertainty in its manner, given the ability of the 4th Industrial Revolution to transform the present scenario. All this, however, adds to what has already occurred in the common setting through natural but importantly anthropogenic modifications.

The contrast in the efforts of advanced and developing nations can be expressed in the reality that either emerging economies or underdeveloped nations are the majority of the top 12 countries most impacted by climate change. Keeping this in mind, the industrialized states are least worried about the effect of climate change around the world.

Industrialized nations–home to 20% of the total population–account for 60% of CO2 emissions, but look unwilling to address climate change aggressively. European countries, for example, are reluctant to undertake a 30% decrease in greenhouse gas (GHG) emissions, while the US has failed to pass the Climate Change Act and withdrew from Paris

By contrast, nations that create less pollution take needed measures to combat climate change, supported by legislation. These measures include Mexico’s General Climate Change Law, Kenya’s Climate Change Authority Act, Pakistan’s National Climate Change Strategy, etc. Due to industrialized countries ‘ reluctance, Asia–home to about 4 billion individuals–has encountered a noticeable decline in the quality of the environment and natural resources, such as increasing temperatures in the atmosphere and on the ground.