Role Of State In Economic Development Ppt – Economic growth is an increase in the market value of goods and services produced by an economy over a period of time. Conventionally measured as a percentage increase in real gross domestic product, or real GDP, economic development is the sustained and coordinated actions of policymakers and communities that promote living standards and economic health in an area. Economic development can be called quantitative and qualitative change in the economy. This can include many aspects. including human capital development critical infrastructure regional competitiveness environmental sustainability social coexistence health safety literacy and other initiatives GDP: It is the total value of goods and services produced during a given period. Indicates the health and size of a country’s economy True: The real value is adjusted for the rate of inflation. Critical infrastructure is a term used by governments to describe assets essential to the functioning of society and the economy. Examples include electricity, gas, oil, telecommunications, water supply, transport, security services, agriculture, heating. public service, financial services, etc. The World Bank defines social inclusion as the process of improving the conditions for the inclusion of individuals and groups in society.
Countries have very different levels of economic development. GNI (Gross National Income) is considered as a yardstick for measuring the economic development of a country. It is measured as the total annual income earned by the population of a given country. However, along with GNI, the cost of living also needs to be taken into account. For example, the GNI per capita in the US is $46,040 and in Switzerland it is $59,880 (2007 The United States is low The US population may therefore have a better standard of living than Switzerland. GNI per capita does not measure whether the economy is growing or not. In order to measure it, we need to consider PPP (Purchasing Power Parity) and Growth Rate PPP asks how much money is needed to buy the same goods and services in two countries.
Role Of State In Economic Development Ppt
The Human Development Index (HDI) was developed to measure the quality of life in different countries. It calculates three factors: life expectancy at birth; (mandatory health care) educational achievement (Adult literacy rate and primary, secondary and tertiary enrollment combined) Does median income help people pay for basic necessities? (adequate food, shelter, health care) High HDI: 0.8 and above (up to 1) Medium HDI: 0.5 to 0.8 Low HDI: less than 0.5 (poor quality of life) In 2015, the HDI of Bangladesh was at ( Reference: UNDP) Life expectancy is a statistical measure of how long a person is How long can a person live? It takes into account year of birth, current age and other demographic factors including gender.
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Total National Rate 1 Japan 83.7 3 Singapore 83.1 31 USA 79.3 34 Maldives 78.5 102 Bangladesh 71.8 125 India 68.3 129 Myanmar 66.6 177 Nigeria 54.5 183 countries with Sierra1 predicted for many years 2 life expectancy In 5 Mon. Chad was the country with the lowest life expectancy in just a few years.
Germany, France, United States, United Kingdom and Japan are 99% (2013 data). Country Total population (%) Bangladesh 61.5% India 71.2% Ghana 76.6% UAE 93.8% South Sudan 27% North Korea 100% Central Intelligence Agency
Rank (2015) COUNTRY HDI 1 Norway 0.949 2 Australia 0.939 10 United States 0.920 111 Egypt 0.691 4 Germany 0.926 158 Madagascar 0.512 16 United Kingdom 0.909 147 UN7 Pakistan 0.57 Leon 0.57 Brazil 0.50 UN7 Pakistan 0.55 0
HDI is a strong predictor of infant and maternal mortality. Infant mortality rate (IMR) is the number of deaths of infants under one year of age per 1,000 live births. The maternal mortality rate (MMR) is the annual number of deaths per woman per live birth. 100,000 from any cause related to or aggravated by pregnancy or handling. (barring random or accidental causes.) The rate is often used as an indicator of the level of health in a country.
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Geography and education are also important determinants of economic development. Countries with favorable geography tend to be more involved in trade and therefore more open to market economies. and the economic growth they support. Countries that invest in education have higher growth rates. as work becomes more productive
I) Innovation and entrepreneurship as drivers of growth: Innovation and entrepreneurial activity guarantee long-term economic growth. US economic growth is reflected in innovative companies like Microsoft, Dell Computers ii) Innovation and entrepreneurship require a market economy. ensure innovation and entrepreneurship Economic freedom is a necessity that can only be guaranteed through a market economy. in a market economy Any creative person can try to monetize this idea through business. In a planned or hybrid economy All sectors or mostly state Entrepreneurial spirit is therefore often not appreciated. It is often argued that the economic development of a country is a function of the political and economic system. How are political economy and economic progress related?
Iii) Innovation and entrepreneurship require strong property rights: Property rights are essential to foster innovation and entrepreneurship, otherwise entrepreneurship is at risk of profit. States may collect excessive tax dollars or undergo corruption.
A free market economy with strict protection of property rights comes first, but democracy is not always the key to economic growth. Autocratic regimes guaranteeing strong property rights and free market economies have seen economic growth Example: Four of the countries whose economies have grown the fastest in the last 30 years, namely South Korea, Taiwan, Singapore and Hong Kong, are under authoritarian regimes. Authoritarian governments focused on the free market and development can also guarantee economic growth.
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A number of steps need to be addressed to build a market economy: Deregulation: Deregulation involves the removal of legal restrictions on the free market. (elimination of price controls and prices forced by market demand and supply) Establishment of NGOs How NGOs work to ease or remove restrictions on FDI of foreign businesses and international trade Integrated and undergoing gradual deregulation.
Privatization: Goes hand in hand with deregulation. Privatization refers to the transfer of ownership of state property into private hands. Often by selling state assets through auctions Example: Since the establishment of the Privatization Board in 1993 and after the Privatization Board in 2000, 74 state-owned enterprises have been privatized in Bangladesh. Existing Processing Companies: Mymensingh Jute Mills Ltd., Madaripur Textile Mills, Kohinoor Spinning Mills, Dhaka Vegetable Oil, Berger Paints Bangladesh Ltd., Siemens Bangladesh Ltd., Sylhet Pulp and Paper Mills, Ujala Match Factory Ltd., etc.
The attractiveness of a country as a market depends on the long term: 1. Advantages: which include; market size, consumer wealth, now and in the future Based on GDP, a country’s economic system and property rights regime are fairly good predictors of economic trends There are managed economies and economies where property rights are not well protected.
2. Cost: The cost of running a business depends on a number of political, economic and legal factors Politics: Costs increase if only the politically powerful can do business. It is necessary to pay bribes Economy: If the country is in an underdeveloped economy. This indicates a lack of appropriate infrastructure and support for the business Example: McDonald’s in Moscow had to build a vertically integrated reverse supply chain. Due to the poor quality of poultry and vegetables produced in Russia Law: If the country’s legal system is strong The cost of doing business will be higher. McDonald’s needs to build a poultry farm. own livestock farms, vegetable plots, food processing plants, etc.
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3. Risks Political risks: Political risks tend to be higher in countries experiencing unrest and social unrest. Social unrest often manifests itself in strikes, demonstrations, and terrorism. and intense conflict These hinder business activities. Economic risks: Mismanagement in the economy can negatively affect profits and other business goals (inflation, bankruptcy or indebtedness of companies and state institutions) Example: Crisis in Southeast Asia (Indonesia, Thailand, South Korea, in ) Legal risk: Legal risk applies to the partner’s ability to use the opportunity to break the contract or expropriate his property rights. Investors may be reluctant to invest in joint ventures if legal risk is high Example: Coca-Cola, IBM in India Financial crisis – Southeast Asian crisis: Many businesses add debt quickly. Even the government encourages businesses to invest in “Strategically Important” industries has resulted in over-investment in building more factories and offices that cannot meet demand. Businesses cannot be more profitable and such investments become uneconomical. The bank realized that the business would not be able to pay its debts.
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