Question

Briefly describe the various strategies used by developing countries for economic development?

Answer 1

Developing economy come up with various strategy to ensure economic development and some of them are described below-

1. Increasing the opportunity of investment in the economy by domestic or by foreign companies(Foreign direct investment).

2. Generation of employment so that production and services activities within the boundary can push and that will lead to an increase in GDP

3.proper monetary policy and regulation from the central bank so that banking activities can become easier for everyone like an easy loan, banking benefits, etc

4. Focus more and more on basic amenities like education and health. These two things are the foundations for the rapid development of any developing economy.