How is the Internet changing the Economy of a Nation?

How is the Internet changing the Economy of a Nation?

The internet was introduced to the world in the very recent past but it has already become an essential to almost every human being in this world. It is amazing to see how the internet has become one of our daily needs to handle our work no matter what sector we worked for. It has changed the way we work, socialize, create and share information. The internet has even changed the way people organize data, ideas and distribute news around the globe. Sadly, many among us still do not like to appreciate the fact that the internet is favoring us largely towards the development of the world. However, the truth is many developed nations have managed to increase their GDP thanks to the internet in the recent past. Only with the help of internet, we are able to effortlessly send money online across different borders.

The internet has opened up many new avenues for the world economy letting the nation’s to create digitized economies within their countries. The digital economy uses digitized information and knowledge for a range of economic activities that are helpful for a nation’s productivity. The internet has fastened and made it easier for a country to use the latest technology such as cloud computing and fintech and making it easier to collect, store, analyze and share data and develop social interactions. The more a country uses technology with the help of the internet the more its economy will grow.

The technological revolution is helping many leading firms, large enterprises, individual consumers and small entrepreneurs to regularly update their pages and share information. Over the years to come this new technology will open up many new innovations and opportunities. Online payment platforms have already helped countries to buy or sell anything to any part of the world.

Many global shopping sites have managed to support their country’s economy by bringing profits from around the world. People are getting more and more comfortable with online shopping as they can purchase goods from any part of the world. Even the small startups can go global by just creating a web page of their products. For example, Alibaba and Ali express the giant online shopping sites created by China are profiting billions per year from their customers around the world.

Promoting business is just a one click away from the internet. Sellers do not need to pay huge amounts on traditional commercials to promote their business. They can promote or introduce their products through the internet for fast and cheap. Tourism industry has benefited largely from the internet. International tours have become more common and convenient with the help of the internet. Online airline reservations, hotel bookings, money transfer, payments and online communication has made the world into a smaller village for us.

The countries that depend mostly on tourism are using the internet to maximize their popularity and attract more and more tourists. Tourists can now have a virtual tour before visiting the country to get familiar with the place even before they enter. Many countries are already enjoying the benefits of the internet through sectors such as tourism, education, health and employment.

Nowadays the younger generation prefer obtaining their higher education in a different country to experience the culture, climate and to the exposure. The internet has made it easier for the students to choose an educational institution from any part of the world. They can apply online and select the suitable institution by going through the relevant web pages, pay tuition fees online and even speak to the relevant personnel online.

The parents can send or receive money through international money transfer service provider and talk to their children daily with the help of video calls. Families can stay connected 24/7 with their loved ones thanks to the internet no matter how far they are from each other. The countries with reputed higher educational institutes or the countries that offer a wider range of subjects for higher studies have been receiving more and more international students thanks to the internet.

Medical tourism is a new sector that many countries have turned into. Either the traditional medicinal treatments or the western medical treatments with latest technology, people have started flying to different destinations to get the best treatment for their illnesses. Countries like India annually received many foreign patients from their neighboring countries for better facilities.

Even patients from European countries prefer India for the lower medical costs and some even come to have traditional treatments and therapies. These patients can choose a hospital and consult a doctor online and discuss their medical needs prior to landing. It has created more confidence and trust even before they physically visit their medical institution.

There are many internet based companies in almost every country in the world and have created many new jobs. These companies are established with less capital compared to the traditional companies. The Internet has largely contributed towards rising living standards of the countries. The positive impact from the internment toward society has helped improve the living standards for many people. Online education, fast and easy access to information and contribution towards a better income are few to be mentioned. Almost every income generating sector has benefited from the internet.

Even sectors like agriculture are vastly using the internet nowadays creating better market opportunities for producers and maximizing their profits by cutting down the middle men who usually obtain a larger portion of their profits. In some countries weather forecasts and warnings are informed to farmers through their smartphones.

The internet has transformed the entire value chain of each and every sector plus all types of companies. Many developed countries are using the internet to maximize their GDP annually compared to the developing nations. On the other hand, developing nations have more room for expansion by totally going wireless with their newly establishing infrastructure. Also many developing countries' public sectors suffer from poor productivity.

The main reason behind this is lack of use of technology. By digitizing their public sector will not only provide better service but will increase productivity. Some of the countries are already shifting their public sector to more user-friendly internet based websites and online application processes to provide a better service to the public. However, these countries have not yet used the full potential of the internet to enjoy each and every prospect it provides.

Not to forget that the internet too comes with many risks such as privacy, online fraud, identity theft and hacking. So every government should obtain the maximum benefits of the internet while implementing suitable policies and security measures to minimize internet related loss or crimes. Any country should not lose the opportunities and growth potential the internet offers to enrich lives, build businesses and give consumers a vast choice in years to come.

As we see many countries are struggling to overcome their financial crisis at present we should not lose our hope on the internet which has already provided many benefits to both rich and poor nations and its potential to boost the growth around the globe. Also our Sri Lanka exchange rate is the best in UK market. You can check our daily exchange rates from both our website or on our social media.