Economic Development Project Name: Institution: Introduction Economic development is ideally the sustained and concerted actions that are specific to communities, policy makers or countries that enhance the expectation for everyday life and budgetary wellbeing of a specific region…
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Due to lack of a single definition of economic development that incorporates all its aspects, it is basically defined in terms of its objectives. As a process, it is understood as an influence on growth with the aim of enhancing the community’s economic good (Ezeala-Harrison, 1996) . Development in the economy incorporates three major areas in any community or country namely; policies that the government undertakes to meet the economy objectives which may include inflation control, employment and having sustainable growth. It also includes programs and policies that are put in place to offer services such as building roads, recreational facilities and provision of medical facilities to the disadvantaged groups in the society. It also takes into account policies and programs that are directed towards improving the business community climate through the right efforts of finance, marketing, business retention, technology transfer and real estate development (Nafziger, 2006). Additionally, economic development is often associated with a number of measures which include: an increase in real GNP is an important measure as it indicates the growth development of a country and may be achieved through rapid industrialization. Increase in real per capita income is also an important measure of and usually is indicated by improved standards of living in a particular country. A rise in the general well being of citizens in a particular country is also an important measure of economic development. An increase in the well being of people in normally reflected through an increase in production and consumption of goods and services. Other diverse indicators of economic development in a particular economy may include :increase in income from agricultural activities ,increase in per capital consumption of energy ,increased degree of urbanization and population levels and infant mortality that are not too high (Arndt, 2009). Generally, the main goal of economic development is therefore the improvement of the economic well being of a community through efforts by the government that maximize on job creation and job retention, taxation structures that favor the quality of life and government incentives to support marginalized groups in the society. Additionally, communities differ in terms of their geographic and the political strengths and weakness thus posing a major difference in their economic development. Each country therefore has a different level of economic development policies, level of economic development and the strengths and weaknesses. In this project I will look at the economic development in Eritrea and Guyana which are develpimg economies (Galbraith, 2004). Relevant characteristics It is an Eastern African country which lies on the Red Sea coastline. Eritrea is bordered by Sudan in West, Ethiopia in South and Djibouti on its South East. Eritrea as a country shares maritime borders with Saudi Arabia and Yemen. The Asmara city is found in the North Western side of the Eritrea highlands. Other major cities are Assab, Kerren, Massawa, Afabet, Tessenie, Mendefera , dekemahre and Barentu. Eritrea has a population of six million persons consisting of Tigrinya -55%, Tigre -30% with the remaining being composed of small ethnic groups. Its Afro-Asiatic population is also divided in
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(Economic Development Project (EDP) Research Paper)
“Economic Development Project (EDP) Research Paper”, n.d. https://studentshare.org/macro-microeconomics/1404391-economic-development-project-edp.
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