The Economic Importance of Technological Development in Achieving High Rates of Economic Growth

Technological development is one of the effective economic tools for achieving economic growth. Indeed, most advanced economies rely on technological development to drive economic development, directing public spending toward research and development, in addition to supporting modern innovations that can create significant differences in the process of mass production. Most of these innovations stem from the historical importance of economic growth. The need for technological development is one of the tasks that enable a state to achieve acceptable rates of economic growth. It is noted that, according to Schumpeter, technological development occurs in conjunction with the government's drive to support creativity and innovation by individuals. This is achieved through an incentive system for individuals that ensures the process reaches the highest levels of competitiveness. Based on this description, the researcher saw it as important to address the importance of technological development in achieving economic growth. This was done through a historical review of the concept of economic growth, in addition to the types of growth and the mechanisms by which it occurs. The researcher concluded that technological development and the interest it provides constitute a significant addition to the production function and enables the government to Implementing their economic programs in an acceptable manner. The researcher recommends that governments adopt modern programs to support youth and developers to achieve the desired technological development.

Importance of the Research:

The research stems from the great importance of technological development in the current era of technological advancement. The country that possesses modern production technology is the one that controls the global economy. Accordingly, modern technology is a solid foundation for launching economic growth in various economic sectors.

Research Problem:

The research problem is that most developing economies suffer from chronic economic problems that they have become accustomed to without recognizing the importance of technological development and the economic disparities it has created, which have begun to form the foundation for competition in all economic fields.

Research Objective:

The research aims to clarify the essential role of technological development in driving economic growth in developing economies, the importance of focusing on the topic of innovation and renewal in various economic activities, and the fundamental role it plays in economic growth

Research Hypothesis: The research relied on a basic hypothesis stating that the process of economic growth cannot occur without the presence of an important element of production, namely technological development, which has become a fundamental pillar for economic growth in various economic activities, and its absence inevitably leads to the backwardness of these activities.