The world economy over the last 6 years has witnessed many turbulent moments starting with the subprime mortgage crisis in the US and continuing with escalating instability in the Middle East. Things are beginning to stabilize now albeit in a slow fashion. But there can be very less doubt about the fact that neoliberal globalization in the past few decades has succeeded in bringing down poverty levels. This can evidently be seen in the tremendous strides made by emerging economies of India, China and other Southeast Asian countries.

Future economic prospects bright

It is therefore with optimism that we can look forward to the coming years, our confidence goaded by the fact that efficient communication can boost economic growth. Indeed, in countries like India, the telecommunication revolution has contributed to GDP growth and economic experts expect a similar outcome happening in other parts of the world. One of the contributing factors towards this is definitely the smart phone proliferation across the world. It is also in this light that we should appreciate the immense impact the products and services of companies like Apple and Google have had on our lives. These companies along with many others in this field will continue to play larger roles in bringing about a sustained spurt in economic growth, as per many economic experts.

Communication revolution spurs growth

The link between communication revolution and economic growth may be a bit difficult to understand for those uninitiated into economics. Suffice it to say that the effects of knowledge diffusion among a broader section of the population in each country has been observed to contribute effectively to economic development and that in turn is the reason behind higher GDP numbers. Quicker and easier access to the internet through smart phones, effective management of information, business transactions, access to entertainment and sharing of knowledge are all hallmarks as well as advantages of intelligent usage of smart phones. Companies like Apple, Google and others are playing a major role through their products and services driving this growth. The iPhone for example released first in the year 2008 and since then has become a much desired and owned smart phone. Google with its Android operating system has made it possible for anybody to own a smart phone, thanks to drop in prices of phones. Increasing demand for smart phones has spawned a whole industry of smart phone manufacturers who are competing with each other to make available their gadgets with more and more features at affordable prices.

At the cusp of rapid growth and poverty alleviation

The poor of the world can come out of their poverty not only through socialist schemes and largesse by governments but also through sustained economic growth in their countries. Technology and its positive spin off effects in the form of smart phone usage is just one example of how we can hope to make the world a better place for its people. Apple, Google and other such companies are going to play a very important role in helping us achieve this objective.