The Impact of New Technology on Sustainable Development

Abstract

The study had focused on aspects of sustainable economic growth in connection with the emergence of Industry 4.0, a new concept of the economy, which is oriented to the digitization and sharing of processes in the economy as well as to the growth of smart enterprises. This concept will greatly influence changes in the labor market. Slovak economy is focused on industrial production and the exploitation of cheap workforce. As a result of digitization, the need for this workforce will be minimal in the future. Employers' interest focuses on specialists and people with digital competences already. Attention needs to be focused on the education and digital literacy in the labor market to ensure the sustainable growth of the economy, the social development of the country and the individual regions. The aim of the present study has been using the analysis to identify and describe the opportunities and threats to the sustainable economic growth in the context of the digital economy and Industry 4.0 concept in Slovakia. Basic mathematical and statistical methods (timelines, comparative statistics, etc.), analysis of materials, publications, governmental concepts and EU decisions for the area under consideration have been used. The basic sources were data from the Statistical Office of Slovak republic, the Ministry of Economy, the OECD and the EUROSTAT. The findings identify new opportunities to secure the long-term competitiveness of the Slovak economy and sustainable social development. The recommendations have directed mainly to the education and the necessary innovations in the sector, which will become crucial to ensure the successful implementation of innovative processes.

DOI: http://dx.doi.org/10.5755/j01.ee.30.1.20776