Economic Progress: seeking alternatives with technology and trends

The global economy has always fluctuated throughout the years with different means of progression, recession, inflation, and deflation. However with the start of the COVID-19 pandemic, the global economy has faced a major downturn with problems stemming from hunger to poverty to unemployment to deaths. In fact, according to a survey conducted by McKinsey Global Survey, people across the globe have cited that the COVID-19 pandemic has largely affected the global economy and has left people to feel pessimistic about their future as well.

Although the pandemic has led the global economy to decline, there has been a search for new ways to recover the economy. As a matter of fact, Forbes has mentioned that technology and trends in line with technology will lead to economic progress and overall empower businesses to overcome the shifts that the pandemic has brought upon them. So, let’s engage with these trends and technology means that will help the global economy.

Exploring technology and trends in 2022

Despite the fact that the COVID-19 pandemic first appeared in 2020, there has been no stopping technology and trends from dominating the world. The scene setting the world during the pandemic and post pandemic period has been visible with features associated with technology, such as cybersecurity, artificial intelligence, residential IPs, etc. The following are the technology trends that are fundamental for enhancing economic development and reinforcing features of the economy:

• Residential IPs: residential IPs constitute a large part of Internet adoption which correlates with the enhancement of the global economy, because global eCommerce is highly structured on the Internet and transactions implemented online, such as online shopping and online banking. For example, Geosurf provides residential IPs which presents high level enterprise activities by allowing users all over the world to utilize residential IPs without being blocked and interact online in ways from marketing to streaming and so on. Also, residential IPs can help build digital marketing which makes up a strong feature of the global economy by redefining geographical locations into a unified manner without facing price discrimination nor location based advertisements.

• Cybersecurity: the term centers on protecting systems, networks, and programs from malicious activity and digital attacks. In addition, data is a crucial part of cybersecurity and the flow of data helps the global economy to grow through a few manners. For instance, the data flows of businesses that make up a core part of global enterprises are secured and boosted with the protection of cyber security which ensures that data flows are employed safely and quickly across the globe. With cybersecurity, businesses and manufactures are also empowered with cloud applications and verified identity and these means help bring in faster and secured revenue that ultimately increases the global economy to greater power.

• Artificial intelligence: the term concentrates on human intelligence and actions associated with human behavior transformed with computer machinery and programming to mimic humans. Artificial intelligence is an evolving area, but can boost the global economy in various ways. For example, artificial intelligence lessens human error in cases such as data collection and decision making process and this overall augments economic structures by reducing time lost invested in other processes. Artificial intelligence additionally increases productivity in economic areas from manufacturing to production to transportation and these trends enhance the economy to flourish further.

• Blockchain: cryptocurrency is a technology trend that has and will further the global economy to maximize its effectiveness, especially after the pandemic. A vital rationale for this is that the pandemic has brought digitalization and online transactions to a major rise and cryptocurrency is the backbone of these working means. Blockchain is also estimated to be the economic area related to manufacturing, marketing, management, and technology by enabling transfers between digital identities and businesses.

• Telehealth: the telehealth sector is a technology trend that has gained great prominence after the pandemic and has risen to the top in 2022, especially due to the popularity of remote living conditions. Telehealth can increase the circumstances of the global economy positively by improving healthcare, cost investment, time management, and so much more. As a matter of fact, with telehealth people can make use of medicine and healthcare opportunities to increase well being and mental health which also correlates with more economic well being.

Conclusion

The COVID-19 pandemic has without doubt generated many difficulties for the world and this is ever so clear with the downfall of the global economy. However, it’s also true that the pandemic has led to the upsurge of technology and trends that can and will not only empower the global economy, but also give rise to the digitalization of living conditions. In addition, technology trends such as telehealth, blockchain, and artificial intelligence can lessen the pessimism towards the future by bringing progression towards life circumstances and interactions.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes