Developments in science and technology are fundamentally altering the way people live, connect, communicate and transact, with profound effects on economic development.
To promote tech advance, developing countries should invest in quality education for youth, and continuous skills training for workers and managers.
The rest is due to the inability to adopt and adapt technologies to raise productivity.
Computing for example, through unlocking infrastructure backlogs and managing integrated supply chains, can transform economic performance by enabling affordable and accessible services in education and healthcare.
Adopting appropriate technologies leads directly to higher productivity, which is the key to growth.
In societies that have large stock and flows of knowledge, virtuous circles that encourage widespread creativity and technological innovation emerge naturally, and allow sustained growth over long periods.
Science and technology are key drivers to development, because technological and scientific revolutions underpin economic advances, improvements in health systems, education and infrastructure.
The technological revolutions of the 21st century are emerging from entirely new sectors, based on micro-processors, tele-communications, bio-technology and nano-technology.
Managing technological revolutions poses challenges. Certain innovations and discoveries will raise fraught bio-ethical issues, as genetic modification of food crops and cloning of human embryos has already done.
There is a risk that their cost, particularly in the early stages of development, will worsen the present inequality by limiting access to wealthy individuals.