What is the concept of economic development? 6 development goals around the world

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The concept of economic development

Economic development is considered one of the standards and criteria that countries around the world set for their economy and prosperity. These standards and measures that depend on technology are nothing but enhancing the growth of countries ’economies and making them more developed and more advanced, so what are those strategies on which economic development depends? This is what we learn about in the next few lines, as we learn about the concept of economic development, its objectives and characteristics, and many well-known economic information around the world.

Economic development .. What are the important standards and criteria for your country’s economy?

You live, dear reader, as part of a large homeland, but many important economic resources, and these resources are included in very important economic aspects such as agriculture, trade, agricultural and tourism activities, the mining sector, oil extraction and other important economic aspects.

OK; With these important economic aspects, the concept of economic development is focused on the large technological standards and standards that mean the state of transition from the agricultural economy to the industrial, and this is an example of the criteria for economic development, through many successful economic strategies, to take advantage of the available wealth and economic resources. Located in the homeland.

Economic development as a science, information can be simplified about it as a branch of economics, where the economic development of a country in the world contributes to the development of various sectors such as education, health, tourism, investments in the work environment, societal policies and other important economic aspects.

A glimpse into the history of adopting economic development

The pillars of economic development for all countries of the world have a deep history, and an understandable sequence in the history of the global economy. The economies of countries around the world have developed from the past to the present, passing through many important stages, and these important economic changes. Thinking about economic development was going back to the post-war period. Second World.

The Second World War destroyed most of the resources on the European continent and in many regions of the world, and countries were suffering from a low average standard of living, along with an increase in poverty and hunger rates, and terms such as developing countries appeared, which are those countries that are trying to grow their economy to reach a stage Safety for this economy.

Here, the vocabulary of economic development appears during this difficult period of world history, especially after the Second World War, and throughout the fifties of the twentieth century. Besides having criteria such as per capita income and value standards for services and goods, appropriate purchasing power, and terms like economic well-being.

The state of economic development moved from mere terminology to realistic implementation around the world in the following decades during the twentieth century, until the seventies came, and states developed when they implemented these policies.

In the mid-eighties, the World Bank was interested in following up the vocabulary of economic development throughout the world, as the World Bank helped and supported developing countries in economic development, especially those that suffer from a low standard of living of less than $ 400 per person.

It has also established several economic programs to help the economic reality of developing countries, especially those that suffer from a developing or collapsing economy, as they need many development plans and strategies aimed at supporting economic development.

But the question here is, what is the importance of economic development, or in other words, do its goals really mean that they are important to the economies of countries?

What are the most important goals of economic development?

Economic development achieves many goals, especially for countries that adopt this economic development. These goals are limited to:

Increase the national income of countries
It aims to increase the national income of countries that adopt economic development programs, as the vocabulary of economic development contributes, by strengthening the structure of the structural economy of society, especially in many sectors such as trade, tourism, agriculture and industry.

Investment of
natural resources The natural resources in the country can be invested through the economic programs that belong to the economic development, which aim to support local and international investments of the natural resources located on the state’s territory, as well as help support the public infrastructure through which appropriate means are available to provide support for local production. .

Capital support:
Economic development is based on supporting domestic and foreign capital, and this support is in the form of support for public capital that suffers from weakness and deficit, due to many factors related to savings or financial or bank reserves and financial bonds within the state’s financial system.

Trade exchange
Economic development undoubtedly helps to develop trade and commerce between countries, and to stimulate commercial imports and trade between developing countries and other countries of the world, this leads to setting a fair price and customs tariffs on all exports and imports for all countries.

Managing the
external debts that exist on the developing country. The management of these debts is based on the economic development program, in order to ensure that appropriate means are put in place to repay the debts, which helps to enhance economic growth and increase the national income and expenditures of the production process.

Controlling administrative corruption
The economic development programs also aim to tackle and control administrative corruption in the form of establishing laws and legislations that help spread administrative corruption that affect the stability of the economic sector, exploit its resources, contribute to the development of the local economy and enhance its role and prosperity in all economic sectors.

As for the important characteristics that exist within the economic development programs, they are such as interest in achieving development goals, and making use of technology, devices and modern technological means in different sectors of the national economy.

Economic development is also keen, among its characteristics, to ensure the exploitation of all national resources, capabilities and capabilities, in all national sectors such as industry, agriculture, tourism and others.

Economic development and its programs depend on local societal economic efforts to achieve all its goals aimed at implementing government plans for the development and prosperity of economic growth. This is in addition to laying down important aspects in the law to protect the internal environment of the state’s economic community, or what may be called the general government sector, developing this sector, and eliminating red tape and corruption within it.

Economic development has many positive angles in the world, as it is an accumulation of global economic experiences for countries, and we in the Arab countries are in dire need of it to improve the economies of countries and the prosperity of their people during the coming decades.

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