By Hal Miran, Editor-in-Chief, Bite.Tech.
Tech has grown in prominence as a key sector in global economic health. It is now commonly accepted that an economy in which entrepreneurs have the freedom and resources to create and innovate tend to perform much more robustly.
Intriguingly, one study on the effect of tech on a country’s economy has said that there is a much greater positive spillover effect than has been widely thought1.
The world has entered the new dawn of the technology era. Sure, we’ve had major waves of technological advances since the start of the Industrial Revolution in the late 18th century4. But nothing like this.
Artificial Intelligence, the Internet of Things, Robotics and Automation are set to disrupt the entire world, with virtually every major sector already recently disrupted by technological innovation.
It is a safe bet to assume that global tech is set to grow exponentially. The bottom line is that tech has already demonstrated its crucial importance to economic health, which is only set to increase.
What this means is that more than ever, tech entrepreneurs will be needed in this new tech-driven world to power economic growth.
Tech entrepreneurship in Iraq: Breaking the country’s dependence on oil
The oil sector has not been reliable since 2014, with prices fluctuating wildly. So long core for the Iraqi economy, the country can no longer depend exclusively on the fuel. What has occurred in global oil markets in the last few years is a warning that Iraq must pay attention to.
Iraq is so dependent on the fuel that the government, recently asked for the country to be exempt from the OPEC production cut agreement5, as it is desperate to produce as many barrels of oil as it can.
Tech entrepreneurship can break this dependence and help the economy to grow in ways that the oil sector, crucial as it has been for Iraq for so long, can never achieve.
How have other countries benefited from a booming tech sector?
In the U.S, the tech sector accounts for 7% of GDP and employs almost 7 million people2. In the UK, tech accounts for 8% of British GDP3. In these countries and indeed around the globe it is set to grow further, both in developed and developing economies.