FUNDING & FINANCE
In a globalising world economy, the reason for differences in economic growth and inter-country income inequality is explained on the grounds of technological differences. The goal of science and technology is to enable enterprises and individuals to use technologies more efficiently, as this results in reduced costs and enhanced productivity gains. Use of new technologies paves the way for production of new cheapergoodsandfor capital accumulationand, for thatmatter, for an enhanced international competitiveness of individual countries, as well as to an enhanced quality for scientific research institutions. While, comparatively, contributing to the cultural and political development of society. The quality of growth rates is as much important as their size. One may ask the following questions to get a better understanding of whether growth has its reflections on people’s life or not: Are people involved and included in the growth process? Does everybody appreciate the opportunities driven by growth? Do new technologies or trade volumes increase the choices facing people? Is welfare level of the future generations planned? Or, else, who is cared about is today’s generation only? Are markets accessible and open to everybody?. In a nutshell, world economy in general goes up and down in a cyclical way over time yet, some regions and countries continue to make progress or regress, nonetheless. The key is to know what to do and where to seek. In terms of what to do, Malaysia should continue with technological transformation because it plays a key role in the economic growth regardless accurate or wrongful use that technological advances may create considerable positive or negative impacts to a specific
firm, sector or nation. For that reason, it has been assumed that technological development and technological information is an external factor which has a public character. This technology realises the production of specific goods with less input. Technological development is an important factor increasing the growth rate of economy at macro level and profits and market shares of the firms at micro level. In terms of where to look, organisations should seek for strategies and tools that have the most potential to engage decision makers by proving that they understand what challenges their target industry faces, that they’re a thought leader and have a unique solution that can provide substantial return on investment (ROI). These decision makers can be in the U.S. or Myanmar or anywhere else for that matter. Hence, the need for constant engagement with respective trade organisations, our embassies overseas and MATRADE offices all over the world, so we can always have our feet on the ground and our head in the cloud. Financial development can promote economic growth, and finance has gradually become the “first driving force” of contemporary economic growth in the developed countries of the world. Together, the rapid development of the economy objectively requires the support of the financial system, and economic growth can also promote financial development. From the key takeaways from a study conducted by AT Kearney, global economic outlook in short term (2019- 2023), the growth will decelerate which led by several major economies. Cyclical, structural, and political risk are expected contributing factors to this deceleration.
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Malaysian Technology Strategic Outlook 2019/2020 Intergration of High Technology
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