The 4IR and the challenges for developing economies

Abstract

The fourth industrial revolution (4IR) is likely to be embraced more positively among policy makers and key actors, particularly in emerging and developing economies committed to fostering economic growth and development. There is no uncertainty across the divide regarding the unlimited prospects of the 4IR to developing economies. Yet myriad economic, social and institutional challenges may directly weaken and compromise the potential and capabilities to accommodate institutional and economic fine-tuning for the 4IR. The growing pace of the technological revolution under the dictates of the 4IR generally suggests that proactive policy interventions may swiftly be required to address the several economic, social and institutional challenges in developing economies.

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