Impact of global economy on the growth of Asian Economy

        The technology if the driving force in the profile of global economy fuelled innovation in the telecommunication and information industry. ICT has transformed every filed of life such as business, medicine, tourism, engineering, banking, architecture and law etc. In this globalized digital world, ICT has become a necessary part to ensure the sustainable socio-economic growth of developing Asia.

        The developed counties like United States access the importance and significance of ICT therefore, they adopted the technological advancement and implemented on the states, industrial and organizational level. Hence, United Stated achieved increase in productivity and performance of the organizations whereas; most of the Asian countries considered it as marginal technology and didn’t understand the importance and impact of ICT on the economic growth (Oliner, 2000). However, since the Developing countries in Asia like India and China has adopted ICT they have become market leaders in the IT and telecommunication sector of the region.

        Moreover, ICT has also enabled the organization to get connected with the international markets and expand the business operation on the global level. In this not only the customers’ ranges of the organizations have increased but at the same time the sales revenues and organizational profits have also increased that has direct impact on the national economic development (Bloom, 2014). In this regard, Asian countries have revisited their foreign and trade policies to improve trading relationship with other countries.

References of global economy on the growth of Asian Economy

Bloom, Nicholas, et al. 2014. "The distinct effects of information technology and communication technology on firm organization." Management Science 60 (12): 2859-2885.

Oliner, Stephen D., Sichel., Daniel E. 2000. "The resurgence of growth in the late 1990s: is information technology the story?" Journal of economic perspectives 14 (4): 3-22.