There is also the capacity to reduce costs significantly, to reduce the necessity for businesses to have a physical presence, and to create opportunities for new, small-scale producers to enter the increasingly globalised markets.
If harnessed correctly, technological change can bring about immense economic opportunities, new and better ways of doing business, the creation of new industries, new and better-quality jobs, higher GDP4 growth, and improved living standards. The current technological developments have the potential to lift growth and productivity, thereby raising living standards over the longer term.