What is one of the key functions of ICT in the economy?

One of the key functions of Information and Communication Technology (ICT) in the economy is that it enhances the speed of economic activities. The integration of ICT into various sectors allows for faster communication, streamlined processes, and efficient management of information, all of which lead to increased productivity. For instance, businesses can process transactions instantly, share information rapidly, and facilitate real-time decision-making, which collectively accelerates overall economic activities.

Moreover, improved connectivity through the internet and mobile technologies enables companies to reach customers and markets more quickly, facilitating trade and commerce across geographic boundaries. This acceleration of economic processes supported by ICT contributes significantly to economic growth and the ability of businesses to be competitive in the global marketplace.