What is Economic Development Strategies?

Economic development strategies refer to plans adopted in the growth and uplifting the standards of the people living within a certain area. Economic growth is a macroeconomic goal of a nation requiring the government to apply appropriate strategies. The major concept of development is the investment which boosters productivity in the economy. The principles that base the economic development are; exports productivity and sustainability. The strategies that can be employed to enhance economic development are as follows

 

Investment

 

Investment is the allocation of money or any other resources like time in with expectations of some profit in the future. The government can invest in infrastructure in factories for manufacturing or in development of industries. The investment allows job creation and people earn their income enabling the people to be independent. The government needs to invest a lot in the development of infrastructure as a core aspect of the economy. The infrastructure is a condition of providing basic services to the people such as water, electricity and public transport. By focusing on infrastructure it will grow the economy

 

Exports

 

Exports offer more customers for the country products and this can enhance economic development by creating more sales and more profits. The goods exported earn the country a foreign income and economic development is enhanced. The country needs to put a lot of effort into ensuring that it produces goods which can be exported to the international market. The government can export the produce goods such as farm goods or the manufactured goods to the international market so as to promote the small-scale farmers and producers in the country. The exports ensure that the surplus goods and commodity are taken to the market by increasing the customers.

 

Productivity

 

Productivity is a core aspect of firms and industry development. The input should match with the output the firm or the industry produces .productivity of the people, industry and the company is a major aspect in which the government should employ in order to enhance the growth of country revenue. The government should come up with the measure to ensure that all its work is modernized. This involves the use of modern computers which are efficient and which reduces time when carrying the duties. The modernization of operation should be carried out in all areas to ensure that work is performed efficiently. The new technology improves the efficiency and the quality of production

 

Sustainability

 

Sustainability involves developing and combining a detailed vision of the long-term projects in a given country. The government should come up with initiatives of developing the economy by promoting trade and tourism. The tourism sector has a great economic impact of the country as it brings wealth due to the foreign currency brought into the county by the tourists. Check out the cheapest beach vacations in the world. The government should ensure that all the attraction sites and the wild animals which tourists come to see are protected. All the income generating sectors or companies should be maintained to enhance the growth of the economy. The government should ensure that the infrastructures are maintained.