The Relevance Of Science And Technology In Alleviating The Impact Of The Current Global Economic Crisis On The Third World Nations

Abstract

This study discussed the relevance of science and technology in alleviating the impact of the current global economic crisis on the Third World Nations. Most nations of the world can trace their developments in virtually all sectors of their economy to the use of science and technology as catalyst. They are the fundamental drivers for the viability of most industries. This study brought to bare the relevance of the twin concepts in revitalizing the global ill health left behind by the global economic recession from the perspective of the Third World Nations. Consequently, it was concluded that de-emphasizing of importation and encouragement of local production of imported goods in order to curtail balance of trade deficit is also potent in alleviating the impact of the current global economic crisis on the third world nations.