Many non-progressive countries have failed to recognise the enormous advantages and potential of information technology to have a positive impact on their economies. It can help to increase productivity, bring efficiencies and value-added products and competitive prices to consumers and act as a growth stimulant to the small-business sector which is the main engine to create employment and rapid economic growth in small and large economies alike.
Remarkable
Several IT companies like Microsoft, Apple, Google, Yahoo, Dell, Cisco System and many others were formed only a little over 30 years ago, and are all now multi-billion-dollar corporations, each with revenue far exceeding the GDP of many medium and small-sized countries. What is even more remarkable is that many of these dynamic start-ups were formed by college dropouts and hippies, some in their parents' garages.
But the multiplier effects of the IT start-ups are still being felt in countries which recognise the important role these entities play in aggressive economic growth and the need to create a modern legal framework and financial nurturing to encourage this revolution. India, Taiwan, Singapore, and to a lesser extent Brazil and China, are developing economies which have embraced the importance of the IT growth impact. This factor is mainly responsible for India's persistent near seven per cent GDP growth for the past decade and is also responsible for India's projected growth to exceed that of China in the near future.
Long-term investment
This is facilitated by India's long-term investment in quality technical education which produces, among other professional groups, nearly 300,000 IT engineers per year. In fact, no other country - indus-trialised or developing - has contributed so much in terms of highly trained personnel to this industrial revolution.
Jamaica should observe and emulate. The absence of a modern legal framework and the tardy operations in the Jamaican system are great obstacles to the progress of the Jamaican economy and these failures should be urgently remedied. Jamaica's economy needs huge shots in the arm to begin performing to its potentials.
L. A. BERT RAMSAY
florissano1@hotmail.com
P O BOX 760
Kingston Jamaica