Lack of the economic growth of many renowned, big, and famous companies had been a stumbling block in the way of the economic development and productivity of various companies and organizations. This has greatly impacted the economic growth of the companies and organizations in a myriad of ways since the decade. This had mostly occurred at the time when the economies had faced several unpredictable changes. A recently published book, “Growth in a Time of Change”, throws light on the questions of the changing global economic challenges, its dynamics, and policies regarding modern and advanced technology.
Some of the significant indicators of economic growth are; productivity, capital, labor, and many more. These indicators measure the overall economic growth and productivity rate of the companies and organizations in the wake of the advancements in the fields of modern technology, innovation, and advanced digital technology. Below are some of the multifarious drivers of economic change that are affected by and as a result of the digital transformation in advanced modern technology concerning companies and organizations.
Slowed Productivity Investment
Productivity is one of the facets for the economic growth of a company and which also inculcates and incorporates the economic development of any company or an organization. However, the productivity rate has got hampered due to the recent advancements in the field of innovation and digital technology. As a result of it, the investment has also been adversely impacted by it.
Summary: (Slowed productivity investment is one of the consequences of the lack of economic growth for any company or an organization).
Labor Markets Shifts
Unprecedented shifts in the labor markets had proven to be a hard nut to crack when we talk about the advancements in the field of modern technology, innovation, and advanced digital technology. Nowadays, many vital economies are facing the unending problems of aging populations. Many of them couldn’t afford the loss in the market values, avenues, revenues, and the unexpected decrease in the money resources of the company.
Summary: (Unexpected labor market shifts are one of the stumbling blocks in the way of the economic development of a company and an organization).
The overall growth of the company has been affected as a result of the rising inequality between the various economic groups. Income patterns have been shifted as a result of the shifts in working patterns and rising market prices. The population rate has been affected and companies are witnessing a backlash against international trade and the economy.
Summary: (Rising inequality is one of venom for a company in the way of the economic development and economic growth. This hinders the overall growth of the company).
Changing Growth Patterns
Income inequality has resulted in the changing growth patterns as a result of an increase in the overall revenues of the companies and organizations. Manufacturing-led growth had impacted the day-to-day activities and the patterns of the companies in convergence with the availability of low-wage workers.
Summary: (Companies are experiencing changing growth patterns due to the lack of economic growth and which in turn affects the productivity rate of the companies).
Technological advancements will gain an impetus due to the industrial revolution. The industrial revolution not only shapes the growth patterns of the companies and organizations but also hampers the overall productivity rate of the companies in a negative manner. There is a lack of implementation of policies regarding the economic growth of the companies and organizations.
Summary: (Industrial revolution has severely impacted the economic growth and productivity of the companies in a negative manner).