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The world is on the point of undergoing a revolution as profound as the industrial revolution and it will be fuelled by IT, biotechnology and nanotechnology, delegates at the City IT forum heard earlier this month.
Roger Bootle, managing director of Capital Economics, said, "People have too easily written off the significance of technology, but IT is making globalisation possible and is the platform on which the other advances in biotechnology and nanotechnology [the manufacture of systems of molecular size that emulate the behaviour of larger systems] can stand."
He added that we can expect biotechnology to grow tenfold over the next 10 years and for nanotechnology to have a bigger impact than the introduction of electricity.
According to Bootle, China, the US and India will be the main beneficiaries of this technological impact, as by 2025 they will be the dominant world economies. He said that by 2025 there will not be a single European country in the G7. These countries will give way to Japan, Brazil, Russia and Mexico.
In the keynote speech at the conference, shadow chancellor of the exchequer Oliver Letwin said the UK should look to emulate the robust economic growth of the Irish economy, which has become a centre for high-tech investment.