Absorb the Sustainable Development Goals (SDG's) set by UN
A significant number of these countries fear to venture and invest in new opportunities that seem to arise thus facing a reduction in aid measures. As outwardly seen the lately the countries that took advantage of the support to facilitate their development strategies as well as trade both pre and post-LDC state. (Woolcock, 2001) This facilitation is regarded as development aids that are set up by UN and are awarded to this LDC's countries by governments and agencies thus boost the economic status. (Stewart & Wang, 2004)Even though this might be risky if such countries lack proper management of this funds awarded by UN thus leading to heavy debts with programs like IMF and World Bank. (Stewart & Wang, 2004) Huge debts incurred by these LDC's countries can change the value of the currency due to inflation.
Strengthen Human Resources
Human resource weakness can be based on some indicators highlighted below. These can assist in determining the economic status of a country.
- Education and
- Adult illiteracy
A developing country should be cautious enough on health services rendered to individuals. (Romer, 1992) For instance, using cancer which is an epidemic disease. Many LDC's do not have specialists who cure cancer. Instead, they opt to send their patients to the developed countries for treatment hence incurring an expense of both medical and transport not forgetting about the stay of the patient with the caretaker instead of income. This is in connection to Education where standards of knowledge should also be revisited to boost standards of living to individuals.
Coming up with effluent strategic plans on how to eliminate poverty by having the core measures to enhance progressive and sustainable economic broadening. (Woolcock, 2001) The most provoking state is when policies get into action by ensuring that the poor/least developed countries fully take part in unexploited opportunities thus contributing to growth. (Romer, 1992)The policies involve coming up with better labor markets, encourage gender equality not leaving out an increment in financial budget.
When considering an issue on future growth, there is a need to reasonably think of new challenges that always get along with new opportunities. Besides, when a country is planning about future growth, there is a need to consider the sustainability of the environment, i.e. advanced water management and other existing natural resources.
Water pollution has been a major challenge in many developing countries as according to the latest research, water pollution has been in the lead globally as the main cause of death and diseases due to poor accessibility of safe water for drinking thus accounting to a large number of deaths daily. Thus, having stabilized institutions economic rise and a sustainable environment are view as complements instead of substitutes.
Creation of employment for youths
A high demand for labor which is the main asset of the poor in LDC's countries has been a big challenge in most developing countries thus drugging the economic status of a nation. By the creation of job opportunities will assure economic growth in a country since the standards of living of the individuals are also raised. (Romer, 1992)
Wages for low-skilled jobs raised with global economic status. Undebatable, increased infant mortality is vividly seen due to low levels of income thus alarming an urgent need of empowering the youths. Regarding employment, all levels of skills need to be included as a whole thus economic balance. (Romer, 1992)The issue of Urban-Rural disparities has also contributed to income inequality which makes some regions to be marginalized hence a decline in economic growth. As we all know that economic growth is always associated with human development which is a clear indication of a developing country. (Romer, 1992)
Developing countries should have accessibility to modern energy technology. Due to lack of this accessibility countries are limited to income generation thus thickening the efforts to escaping poverty which generally affects people's standards of living. (Lipton, 1980)Traditionally, the non-renewable sources of energy remain to be a threat since transmission and distribution of power generated can be difficult and quite expensive as well.
In connection to the non-renewable energy it also contributes to global deforestation and most importantly the global climatic changes. Poverty diminishment can be directly boosted by the availability of renewable energy thus the creation of employment and supplication of energy needed in business premises. (Lipton, 1980)
Promote political stability
An integrated legislative body also referred to as a failed state is one which fails to implement its roles properly due to political influence. When a state is unstable, many projects fail. The investors tend to fear to incur losses and risks due to violence. This directly affects the economic status of the country since the flow of cash in the system seem to decline. (Lipton, 1980) To ensure economic growth in such countries, there is a need for mediation to resolve conflicts or any sort of disagreement among individuals.
A nation also needs to have good interactions with other neighboring governments and internationally too thus a mutual benefit sprouts, (importation and exportation of resources) as a result promoting the value of a currency. (Romer, 1992) A political body also needs to have control over monopoly rendering services companies which protects a common individual.
Fight against corruption
As we all agree that crime is a harmful and dangerous animal that declines the economy of a country as well as worldwide. People in power do misuse their authority or network contacts for private gains. These forms of activities rendered may pose a negative effect on the country since justice is not put into practice. A percentage of currency is spent on illegal deals thus hindering economic growth. (Romer, 1992)Corruption distorts the field of action thus generating inefficient firms in the country. Governmental projects may be at their true costs in the absence of fraud.
This refers to the availability of food in a country in connection with individual affordability and accessibility to food. People can lead healthy lives when there is both physical and economic access to enough, secure and nutritious food thus meeting their dietary needs. Shortage of food supply may expose a country to various risk factors such as drought, economic instability, and wars.
Create awareness of foreign languages
A language barrier can hinder economic development in a country since foreigners are unable to walk and visit freely to such. For instance, English has been a language used in most countries unlike other words used. This can be facilitated by opting such to be a national language where it has to be taught in schools. When dealing with trade issues, foreigners can communicate with residents in the nation and by this a significant increase in economic standards. In connection is boundary barriers, when many restrictions are set within the entry and exit points of a nation many are discouraged from going through such hence hindrances to economic growth.
A country should also put into considerations that after identifying all changes that need to be done for both policies and strategies, there should be preconditions to ensure that these policy changes have a positive impact to these countries for forwarding and progressive economic growth as well as poverty declination.
These countries can also promote economic sprouting by a progressive increment of credit that would be available and easily accessible by permanent and serious proprietors to exporters.
Elimination of duty to exporters by diminishing amount of tax paid in advance thus reducing credit requirements. Improvement of rural industrialization that balances both rural and urban economies. (Lipton, 1980)Generally, measures to be employed incorrect and orderly strategies for such to gain economic growth.
Stewart, F., & Wang, M. (2004). 11 Do PRSPs empower developing countries and disempower the World Bank, or is it the other way round?. Globalization and the Nation State, 290.
Russell, S. (2004). The economic burden of illness for households in developing countries: a review of studies focusing on malaria, tuberculosis, and human immunodeficiency virus/acquired immunodeficiency syndrome. The American journal of tropical medicine and hygiene, 71(2_suppl), 147-155.
Buckley, P. J., & Ghauri, P. N. (2004). Globalization, economic geography and the strategy of multinational enterprises. Journal of International Business Studies, 35(2), 81-98.
Lipton, M. (1980). Migration from rural areas of developing countries: the impact on rural productivity and income distribution. World development, 8(1), 1-24.
Banerjee, A. V., & Duflo, E. (2007). The economic lives of the poor. Journal of economic perspectives, 21(1), 141-168.
Woolcock, M. (2001). The place of social capital in understanding social and economic outcomes. Canadian Journal of policy research, 2(1), 11-17.
Romer, P. M. (1992). Two strategies for economic development: using ideas and producing ideas. The World Bank Economic Review, 6(suppl_1), 63-91.
Bhagwati, J., & Srinivasan, T. N. (2002). Trade and poverty in the developing countries. American Economic Review, 92(2), 180-183.
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