Advancement In Technology Has Led Asia To Boost Its Economic Growth

Asia is boosting its economy in terms of technology. The increase in urban population has led to the development of technology on the continent. It is reducing the day-to-day struggles of people caused due to environmental and infrastructure factors.

FREMONT, CA: Asia is boosting its economy in terms of technology and the increase in urban population has led to the development of technology on the continent. It is reducing the day-to-day struggles of people caused due to environmental and infrastructure factors. The countries in Asia are already under technological benefits, such as communication networks, which make life easier for people to receive and convey information, within a short period. The use of these technologies not only better lifestyles for the nationals but also helps in productivity and growth in the economy.

Alibaba, the world's largest online retailer and e-commerce company from China make extensive use of technology. The Artificial Intelligence of companies conducts well-organised public resource management across Asia. Similarly, the AI implemented traffic management system in Delhi, India has balanced the control of traffic to a much greater extent. The authorities of the traffic controlling system are enabled now to manage and effectively control traffic, thereby making better decisions. They now can balance the traffic flow by providing real-time insights.

The water-stressed Singapore can now be free to use as much water as needed. A smart water metre program has been implemented which led the authorities access to real-time metre readings. Consumers can now track their water level, usage, and detect any leakage, and also reduce the wastewater as early as possible. Cauayan, Philippines underwent huge typhoon damage in 2021 and it almost flooded the province. However, implementing Digital twins aided in improving the damage to a great extent as it speeded up the disaster recovery planning and assessment. Digital twins are virtual models designed to imitate a physical product, process, or service.

Asia accounted for just under one-third of global gross domestic output in the early 2000s (in terms of purchasing power parity). According to McKinsey & Company research, that ratio is expected to climb to 52 percent by 2040, making the region's contributions higher than the sum of all others combined. The region is strengthening its position in terms of technology and hence boosting its economic growth. It is thus leading towards becoming a smart city.