Question

How has the Web impacted global economic growth by raising labor productivity and how has it affected the organization of production around the globe?

Give examples

Answer 1

Global economy is deeply affected by web and technology as it's use is linked to marketplace transformation, improved living standards and high international trade. The web and technologies improved operations significantly and lowered the cost of business. It increases labour productivity as most of the things are operated by softwares and technically as by robotic systems.

Advancements in the IT industries and telecommunications have increased job oppurtunities and strengthened growth of economy around the globe.

As example, Many researches from the companies like BCG, IMF and World Economic Forum(WEF) shows that whenever these companies cut back on technology investments aiming to shore up their profits, the result goes opposite and profits sink significantly which as a side effect GDP also falls quickly and then chain reactions start with the fall of labor productivity in a few years.