TECHNOLOGY DEVELOPMENT – IMPERATIVE OF THE CONTEMPORARY ECONOMIC DEVELOPMENT

Abstract

The subject of this study is the influence of technological development on economic growth and development, which can be observed in the changes in the production and distribution of goods as well as in constant changing and widening of consumers’ demands. Technological changes bring about the changes in the environment by creating new conditions in business environment and the globalization of the market and world economy. The technological revolution has caused the economic revolution therefore technological revolution is not only the basis but also the imperative of the progress of any society. Since the technological development does not evolve spontaneously, it is necessary for every country to develop the strategy of its own technological development according to its needs, resources and long term aims. Technological development is especially significant for countries in transition because the intensifying of such development is crucial for the revival of its economy. In this study the importance of the role of technological development as a component of economical progress is investigated. The importance of strategic approach has been underlined and the comparative analyses of the indicators of the level of technologic developments and the indicators of the influence it has in the countries in the region (such as efficiency, competiveness, the rate of BDP, R&D). It is concluded that technological progress and development has a very important impact on those indicators and contributes to their increasing. In the process of the globalization, knowledge spreads very rapidly, and technologically undeveloped countries may lose favorable position in the international economic relations due to their technology gap which in turn create the development gap too, which can only increase in time. Key words: technology, economy, strategy, development;