Economic Development in the Next Decade! Changes & Challenges!
Global Economy! The Next Decade!!
Solid economic growth is a very important phenomenon which every nation is aspiring for in order to provide full employment, high per capita income and improved standard of living to her subjects. Sustainable economic growth, undoubtedly, has innumerable benefits. It helps a nation to keep the literacy rate at a very high level in addition to offering improved health-care. Poverty levels are kept at the lowest possible levels owing to economic growth, developmental activities and generation of income to the households. All these phenomenon bring about longer life-term for the citizens of a welfare state. Political stability is yet another important benefit of improving economic conditions and growth of a country, academic literature has proved.
Pollution and Urban Congestions!
Although focusing on economic development and growth is good, nations have to tackle two important monsters in order to ensure a healthier lifestyle to people. When a country is overly focused on growth, pollutions and urban congestion pose a serious threat & health hazards to people and they should be confronted, meticulously. Otherwise, citizens, more particularly, children and the elderly would face serious health issues including respiratory diseases and problems.
The role of technology, research and innovation!
The role of technology, research and innovation needs a special mention, here. Investments in research and human capital certainly add greater value to a country. USA, UK, Germany and a host of other developed nations have always accorded top-priority to research and have made significant break-through in ensuring growth in many aspects.
The Past Decade!
The decade that went behind had many historical landmarks, taught hard-lessons and left many legacies, as well. 2008-09 global financial turmoil, 2010-12 sovereign debt crisis in the Eurozone, oil price volatility since 2014 etc., have caused serious problems and negative impact on the economic growth and job prospects of nations. Quite unfortunately, many countries have not recovered totally from the shocks such economic mishaps had left behind.
The Future! Is it Promising?
According to research reports released, more particularly, from the World Bank, year 2018 and beyond show signs of promising growth as moderate growth have been witnessed, in the recent past. However, a major concern pertaining to it is the fact that the wealth generated has not been shared uniformly. Secondly, sovereign debt levels have started increasing, of course, causing concerns to the governments. With the result, the divide between the rich and poor widens over the years causing social problems and crimes.
Economists argue that governments have to focus on environmental sustainability, improved fiscal conditions and reduction in geo-political issues and threats. To achieve this, a clear focus on economic growth is the answer.
In a nutshell, economists strongly advocate in favor of greater financial stability, stronger institutional framework, political stability and stronger policy measures as they support long-term growth and development. Coordinated efforts among various departments and stakeholders is absolutely necessary, here.
Against this backdrop, this upcoming conference in Paris, France aims at achieving the following objectives:
a) Identify and examine the major factors that contribute to economic growth and development, in the long run;
b) Encourage active and socially relevant research works on the above crucial issues and come up with meaningful solutions to help economic activities to accelerate and create sustainable economic growth and employment opportunities, in the long run;
c) Provide an ideal platform for researchers, economists, bankers and practitioners to network and share their research and practical experiences to develop models and systems for addressing growth and development-related issues;
d) Offer suitable solutions so that the world becomes a better place for the humanity to lead a cohesive and normal life.