What You Need To Familiarize Yourself In Regards To Economic Development
It is the continuous process of improvement of human conditions like the reduction in poverty, unemployment, diseases and equality. To ensure maximum utilization of the resources in a country all parties concerned must do their part in development. The government has a major role to play as it is the one that controls the resources and GDP.
There are consideration that need to be made if there is to be development in a country. The government need to utilize all its resources therefore there is need to get rid of unemployment if development will take place. The other thing that government need to ensure is that exchange rate are stabilized so as the people can export and import goods easily. Due to the fact that instability inhibits development there is need to have political stable country. There is need for emphasis on the technology advancement so as to have better methods of production and improved services.
There is more development in a country that has got minerals and natural resources than those countries with none. The natural resources combined with the geographic location and other development factors make the country be developed at low cost. Investing in infrastructure development and industrialization is also very vital in development thus government and other stakeholders should get to invest in it. The technology advancement and technology development play a great role in the reduction of costs incurred in buying necessities and other goods. Output of a country depends on the labor used there it is important to have skilled labor.
A democratic political environment is also very vital for any economy growth as good governance leads the country economy on the right path. Macroeconomic stability reduces the risk of investments thus investors will be more than willing to invest in the country. Good educational program ensure that the country has skilled labor hence competency in work. Incentives such as the free tax are very good as they attract investors to invest in the country. As there is no country that is self-sufficient there is the need of government encourage investors to come and invest in the country and the citizens to export their products.
There is need that the factors inhibiting development in a country be known and tactics to deal with them advanced. By ensuring that those who graduate from the universities find jobs, the government will be able to have solved the problem of brain drain. There is need that people be equipped with better methods of being self-employed instead of looking for employment. There should be improvement in health services as health is very important.
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