- New Economy refers to an economy marked by rapid technological improvements like increased digital communication via the internet that are expected to produce long-term growth in terms of productivity efficiency and economic resilience to future shocks to productivity
- Basis of new economy:
> The New Economy model was centered around four pillars, that was the driving force or basis
(i) *Information and communications technology(ICT)* which included software telecommunications semiconductor
(ii) Biotechnology that included new products such as genomics. gene therapies, diagnostics pharmaceuticals etc
(iii) Nanotechnology involving miniaturization
(iv) New energy solutions and materials focusing to the renewable and resource friendly technology