Impacts of technological innovation: a systematic review for smart Bangladesh

Abstract

Economic stability is the lifeline of a nation as it is the vital condition for the standard of living of the citizens. Economic growth and stability are prerequisites for an emerging country to upgrade to the status of a middle-income country. The potential dimensions of the digital economy in Bangladesh are intrinsically linked with the fostering of economic development and prosperity by the year 2041. Technological innovation is one of the major forces of economic growth and digital Bangladesh. It is expected to impact directly and indirectly the economic development since the Industrial Revolution. Accordingly, this research seeks to provide an overview of the present impacts of technological innovation, focusing on evolving trends that have direct and indirect impacts on the economy. The methodology of the study engages a qualitative approach using a systematic review of the research objectives, applying secondary data. The findings of the study reflect on the potential of technological innovation on individual, organizational, and environmental impacts on Bangladesh. Considering the nascent impacts of technological innovation the study suggests that policymakers should take prompt action to ensure an efficient labor force through research and development and this may follow organizational excellence and environmental sustainability. The study suggests that these three dimensions will cascade in the economic improvement of Bangladesh shortly.