Date Posted: 11/9/2012 12:33:13 AM
Posted By: saucer Membership Level: Gold Total Points: 4885
Economic growth and development is important to the moving forward of Kenya. Economic growth is the increase of the country''s GDP (gross domestic product). The Economic development is increase in per capita income and improvement of the living standards of the citizens. Development is a long term project and the improvement of the country occurs gradually. There can not be economic development without economic growth. Economic development is determined by different sectors in the country e.g. agricultural sector, transport sector, technological sector. Here are ways to achieve economic development of a country.• Increasing the per capita income of the citizens. By doing this the living standards of the citizens will improve. The country will evidently move forward.• Increasing employment opportunities for the people. This will reduce the number of unemployed people. The working people will have money. This translates to improvement of the living standards of the citizens. • The government can spur economic development by changing the tax code. It can tax the rich more and tax the poor less. This will reduce the income inequalities. By taxing the rich more it will make more money to engage in activities that will be beneficial to the country at large. • Investing more in job creation. The entrepreneurship route is an effective way of doing this. It promotes self sufficiency of the people. It later translates to improvement of the living standards of the citizens. • Creating good relations with international partners. They will be helpful when looking for grants or international investors to invest in the country. The investors spur growth of the local industry by starting businesses and providing employment opportunities for locals. This will improve the living standards of the citizens. • The country should invest heavily in essential industrial sectors. These include: agricultural sector, transport sector, technological sector. These and other sectors can spur economic development. They will improve the living standards of the citizens. Putting more effort in these sectors by research and financing them will help the economy grow.
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