This literature review examines the causes of this uncertain attitude; as it can be noticed at the moment that digital progress within the economy is on a point that goes far beyond what has been predicted previously. Nonetheless, this progress has not occurred because of an increase in e-commerce along with other aspects linked to the internet; the key cause of this revolution was the approach by which IT was accepted and implemented in more or less all phases of personal as well as professional life. This digitally enabled financial system can attain enormous development as well as affluence in every field.
The main cause of this hastened development was the amount businesses were spending and are ready to spend on software, hardware, besides other IT and communications related services. The enormous part that IT played in this huge economic progress is shown by the 67 percent of total factor productivity expansion from 1995 to 2002 because of the implementation of IT in the USA. It furthermore benefitted the labor efficiency in developing countries, and it is thought to be the major driver of modernization as well as efficiency at the moment.
There has not been a lot of research looking at the extent of this involvement regardless of the huge IT contributions to the economy. This literature will help in looking into this topic thoroughly and will highlight the role of IT in the betterment of goods and services. Economic development and technology are inextricably connected. Existing economic situations are encouraging investment in technology as developing markets increase their demand for technology to stimulate development, and highly developed markets try to find innovative methods to reduce overheads and bring improvement.
This turns out to be a lucrative circle, as digital technologies drive consumer earnings and demand, learning and schooling, and resourceful utilization of funds and resources - causing better economic progress, mainly in developing countries.
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