From Inventions to Innovation: Technology’s Unparalleled Role in Productivity and Economic Growth

Technology has been a driving force behind productivity gains, transformed industries, and directed the path of economic progress. The foundation of economic growth, productivity, has dramatically advanced by technology. The Industrial Revolution and the digital revolution have accelerated progress, and artificial intelligence, robotics, and automation are expected to drive productivity to unprecedented levels, leading to further industry changes. The impact of technology on productivity is expected to grow exponentially, fueling economic growth and shaping the future of work. The introduction of transformative inventions propelled a dramatic transformation in manufacturing processes during the Industrial Revolution. Automation has transformed industrial processes, leading to unparalleled levels of productivity. Finally, information and communication technologies (ICTs) have transformed the workplace, significantly increasing productivity across various industries.