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Is It Possible To Achieve Good Economic Development? You should know that a developing country is defined where the per capita income is actually lower than that in fully developed countries. In simple terms, this means that developing countries should have some populations with things like poor health, insufficient homes and laughable diets. Human resources, natural resources, capital formation and technology are the key fundamental strategies to economic development. During this article we are going to talk about these strategies so you can better understand. Many poor countries will be forever working as hard as they can, but will only stay in the same place, which is a fact. What you need to remember is that even though a countries GDP goes up, so will its population. In this instance, it becomes a very difficult task to improve a nation’s poverty level, while birth rates continue to climb. Unless the people are at least self-sufficient, it is important to remember that the distribution of wealth cannot happen in an economy. Some developing nations with very little natural resources like land and minerals will have to divide their available resources among their dense population. Since most people in most developing countries employ themselves as farmers, one of the most valuable of the natural resources is arable land.
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Since incomes are so depressed and little can be saved for the future, the rates of productive capital formation in developing countries are very low. When dealing with the productive mechanism, the financing of growth in the poorer countries has always typically been an unstable link. Because they are going to have to borrow heavily from other already developed countries or even the world bank, those developing countries should absolutely have a balanced approach if they plan to finance ambitious development programs.
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Technology change and innovation is another strategy that developing countries use and this is often associated with investment and new machinery. Since they can adopt productive technology from other countries, this sort of strategy does offer a lot of hope to developing countries, though this will also entail some sort of entrepreneurship. To help a developing nation grow and prosper, there are many ways that these key factors should be employed and there is no one right way. Although the desire for rapid economic growth may be strong, developing nations have to face many other obstacles such as political oppression, intensive capital markets and want for technology. Most often, the best approach for these countries is going to be both allowing foreign investors to take a step into their domestic development and liberalizing their economic policies. Better or more job opportunities for the local unemployed population and exposure of their market to global competition is the hope throughout all of this.