What is economic development introduction?
Economic development is defined as a process through which low-income national economies are transformed into developed and modern economies, and this concept is used in our modern era synonymously with the concept of economic growth, because it is widely used in the issue of improving the economies of countries, its quality and quantity.
It should be noted that economic development helps enable poor and primitive economies to develop and become prosperous, modern and developed economies that seek to be decisive in many different countries and of great importance.
It should be noted that the use of the term economic development began after World War II and also began with the end of the era of European colonialism. This is because many countries and former colonies with low standards of living were known as underdeveloped or developing countries, for example Eastern European countries.
However, with the adoption of correct procedures and steps towards economic growth, a rise in living standards began to be observed in most poor countries, and the concept of economic development was closely associated with an increase in per capita income appropriate to the services provided and the value of available goods.
economic development goals
As we mentioned earlier, the concept of economic development is defined as a process to improve and increase the national income of the state, and economic development must be exploited correctly and in an appropriate and proper way by using the best available resources to target specific areas of economic development in order to reach the main goals. Perhaps among the most important of these goals of economic development, we mention the following :
Investment is defined as one of the main factors that increase the country’s income and improve economic development in any country, and this investment is considered positive because it is based on the necessary sectors.
In fact, the problem of unemployment is one of the most prominent problems that economic development tends to solve in many countries around the world. It is worth noting that the radical solution to this problem is to encourage investment and contribute to limiting investment in unimportant sectors.
rise in national income
As we mentioned earlier, economic development aims to increase the national income, as the level of national income increases with the increase in the quality of the goods provided and also the high level of available service that is exported abroad under what is known as foreign trade.
indicators of economic development
There are many indicators that indicate the achievement of what is known as economic development. For example, there are many social services such as education, health care, the agricultural sector, and other indicators through which economic development can be achieved. Perhaps the most prominent of them are the following:
Low line level of malnutrition.
Availability of infrastructure for a country or region, both in terms of quality and quantity, which includes; Airports, roads, services, railways and many more.
*. Challenge how much a person takes in from the annual GDP.
*. Maintaining security and political stability in the country.
*. The development and prosperity of the economy at the level of international trade.
*. The development and prosperity of the agricultural economy.
*. Low level of poverty line.
ways of economic development
Economic development seeks to enhance the quality of life, and there are many methods that, when followed, contribute to achieving economic development, and these methods include the following:
*. Provides sound infrastructure with high standards and quality.
*. Contribute to spreading justice among all.
*. Increasing interest in the health system more comprehensively.
*. Maintaining respect for human rights in all aspects.
*. Contribute to raising the level of the educational system.
*. consumer protection agency. Help increase levels of financial markets.
*. Contribute to the modernization of transportation.
*. Preserving civilization, arts and heritage and trying to highlight and take care of it.
*. Providing and trying to search for sources of energy production.
obstacles to economic development
Despite the importance of achieving economic development in light of the leaps of modernity and development we are witnessing in the world, the path to achieving economic development faces many difficulties, challenges and obstacles that can stand as an obstacle in light of its achievement and limit it. We mention the following as the most prominent of these obstacles:
In fact, economic disturbances or imbalances are among the factors that can lead to inhibition of economic growth, as this imbalance occurs as a result of the distribution and allocation of scarce resources to many sectors, for example the agricultural sector in addition to the various commodity sectors.
Debt on the state is one of the main reasons that impede the process of achieving economic development as well as economic growth in the world. It is worth noting that the accumulation of debt on the state greatly affects the capitalist system related to achieving comprehensive economic development.