Condition necessary for rapid economic development

Condition necessary for rapid economic development, solutions to problems of (®) underdevelopment, or measures government can adopt for rapid economic development include the reversal of problems of economic development. These include:

  • Encouragement of savings: People and firms should be encouraged to save provided there is an improvement in their income. Good savings leads to investments. Expenditure in consumption should be reduced.
  • Encouragement of investments: Individuals and firms should be encouraged to invest in the economy Capital of fund, tax holiday, provision of some infrastructural facilities, etc encourage investment.
  • Provision of capital: Banks should encouraged to provide capital of for individuals and firms to enab1: to embark on productive ventures.
  • Training of manpower: Manpower should be trained periodically to ensure efficient and production and productive output for rapid economic development
  • Promotion of industrialisation: Effort should be made to promote rapid industrialisation as these forms the bedrock for any economic development
  • Provision of infrastructural facilities: The provision of these facilities such as good roads, pipe-borne water and electricity can promote the rapid economic development of any nation.
  • Technological development: The level of technology should be developed in order to increase economic development.
  • Establishment of educational institutions: Higher educational institutions should be established in order to ensure adequate management of human and natural resources available in the country.
  • Able leadership: A good leaders1\”\’- should be established in order to ensure adequate management of human and natural resources available in the country.
  • Export promotion: Exports should be encouraged and promoted in order to generate more earnings, thereby encouraging economic development.
  • Population control: Population should be controlled in order to match the available natural resources and this will lead to rapid economic development.
  • Good development plan: There should be good development plans and their execution will promote economic development.
  • Availability of organised market: Organised markets should be made available in order to get better returns on investments.
  • Diversification of the economy: This will assist a country from depending on a particular sector of the economy, hence economic development is promoted.
  • Prudent financial resources management: This should be done to prevent embezzlement and financial misappropriation.
  • Political stability: A stable government generally encourages economic development.



163. TICK
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