Growth And Development Essays Examples
Economic development is a qualitative and quantitative revolutionizing of the economy. The change may involve: critical infrastructure, social inclusion, health, literacy, safety and regional competitiveness. Economic growth aims on: market productivity and GDP rise; Economic development aims on: policy intervention and people’s social well-being.
According to (Ranis et al) growth and development have two-way relationship. This is articulated by the sense that economic growth enhances human development. Due to economic growth household increase their income thus leading to high expenditure. The consumption and spending enhances health, infrastructure and education systems thus contributing to economic growth. Dependency theorist suggests that developing countries may experience economic growth or lack completely initiatives of economic development. For instance, cases where developing countries are the resource-providers to industrialized wealthy nations they do not gain much.
In economics, development is mainly concerned on expansion of individuals’ entitlement and other indicators as: economic capabilities, literacy, morbidity, nourishment and socio-economic growth (Todaro & Smith, 2011). Basing on Keynesian economic model advocated intervention of government in development and growth.
Personal Experience and observations
Personally, I have visited Democratic Republic of Congo (DRC) during my summer holiday. DRC is one of developing countries in Africa. Despite the fact that DRC is rich in the mineral resource in the world these resources have not impacted the economic development of DRC. ¾ of DRC citizens are living with conditions that are approaching misery. There is inadequate food as well as they are victims of illness. The economic life in DRC is what I personally can describe as ‘stagnant and primitive.’ There are high illiteracy levels and the basic social amenities such as: hospitals and schools are the luxury among the few. Majorities are poor and their situation has been worsened by the civil war in DRC for decades now.
Factors that contribute to high poverty levels in developing countries.
Developing regions such as: Africa, Latin America and Asia have high poverty rates. Despite their difference in demographic; they all face common factors that have continuously worsened the situation. These factors are: political, economic and social factors that contribute to poor people in these countries.
Most developing countries experience unrests during and after elections. However some may be democratic with muilt-party systems the election are often not fair and free. This cause unrest regularly thus interrupts the economic activities and destruction of infrastructure thus delaying economic growth and development. Poor leadership based party politics rather than issue based politics as a result there is poor development and growth policies.
Most developing countries have untapped natural resources that if effectively put into use it can generate much need revenue for development and growth objectives. For instance DRC has all the mineral resources but due to the civil war that has paralyzed economic activities in DRC. This has proved to be a challenge in growth and development over dependence on foreign aids that has left these countries into big debts thus hindering effective growth and development.
Population growth rate is a big challenge for the developing countries. Through the UN projections Africa a lone has over 1.1 billion people by 2050 the population will be 2.3 billion people. It is crystal clear that with population growth is a major challenge with high birth rates and young adults. This has made it had for the government of these countries to be to provide: health, education and security. These cause people to be unemployed and engage in activities that do not contribute to GDP. Hence growth and development becomes a major challenge.
"The Theory of Economic Development - Springer." Resolve a DOI Name. N.p., n.d. Web. 6 Feb. 2015.
Todaro, Michael P, and Stephen C. Smith. Economic Development. Boston: Pearson, 2015. Print.