5 steps to boost up the economy
Modern economic big leaders has to take 5 steps to boost up the economy like find a new way to funded IMF and World Bank, G-20 nation needed to make settlement needed to maintain extra capital, build combined global financial financial safety, development of financial infrastructure for private sector to handle crisis, tax cut and rebates, stimulating economy with deregulation.
Nation economic developments are measured in growth of gross domestic product (GDP) of country economy.
Tax reduction and tax rebates done inside economy done to increase consumer spending and returning more money to consumers pocket.
Consumer behaviour changing at high speed when have more money inside pocket and started spending more for full filling need and demand. Consumer more spending money inside markets bring high cashflow in economy resulted to boost up the economy.
Economic history of world represented however no any single factor can become perfect idle for economy development.
Stimulating the economy with deregulation another important steps to boost up the economy. Deregulation in economic term means reducing regulations imposed on industry and giving relaxation to industries for doing buisness inside markets.
Best deregulation example presented in world seen in United State country. At 1980 United States government deregulated mainly financial institutions.
Many economist credited deregulation made by United States government at 1980 to boost up the economy growth.
Recession is economic term included as fact of life. Recession directly give impact on economy development of country. Recession can be caused inside economy of country unfortunately due to external factors like geopolitical issues and geo-financial events.
Covid-19 pandemic exposed the world financial safety net and strike very hard on infrastructure of economy of countries of the world. The IMF and World Bank are the two world financial biggest organization trying to help world economy overcome covid-19 pandemic economy crises.
Find a new ways to fund IMF and World Bank is one of the 5 steps to boost up the economy. Politicians of world and economists debating how to achieve economy growth.
Economist found that it becomes necessary to learn how an economy grow. IMF and World Bank are two financial organisation building economy infrastructure to make easy to country economy growth.
In developing countries like India, China, south africa economy growth often driven by consumer spending and investment made in buisness.
Buisness investment made in new technology created lots of new job opportunities, raise wages leads to economic growth.
Building financial infrastructure for buisness activities is another part of 5 steps to boost up the economy. Building infrastructure create lots of construction job and increased production output unit.
Cashless economy is type of economic which deals with transaction without using cash. Cash less infrastructure is step to boost up the economy because cashless economy work totally virtually and no use of hard cash.
Building financial infrastructure boost up the economy in way of increased efficient buisness working. High quality of goods and services produced after building financial infrastructure.
What 5 things needed for economic growth
While these five things needed for economic growth are essential, it is important to recognize that they are interdependent and require a comprehensive approach.
The top five factors needed for economic growth are investment in physical and human capital, technological and innovation advancement, macro-economic stability and monetary policies, openness to trade and global integration, institutional framework and good governance.
Governments, policymakers, and stakeholders must collaborate to create an enabling environment that promotes economic growth.
By addressing these key elements, nations can strive towards sustainable and inclusive development, improving the well-being of their citizens and securing a prosperous future.
An economic growth respresent an increase in production and consumption of goods and services. It's leading to increasing standards of living and overall prosperity.
Investment in Physical and Human Capital
Investment made in both physical and human capital key drive for economic growth. Physical capital investment means investment made in areas like infrastructure, machinery and equipment necessary for production.
Infrastructure investment made for development of roads, ports and power supplies, which enhances productivity and facilities trade.
How can we improve the economy
We improve the economy through taken 5 steps to boost up the economy like support local buisness, follow the advice of local economists and leaders, economy fall time contribute to shortage and build banking system efficient.
Many countries government working continuously to uplift the economy of their country economy.
Covid-19 pandemic exposed the financial system and economy fall increased.
Many countries economy fallen down very low in comparison after world war 2nd due to covid-19 pandemic. Many buisness investors lost due to investment risk of market due to covid 19 pandemic resulted in economy fall.
Many countries government given support to local buisness to improve their efficient buisness working. Efficient buisness working of local buisness generated high cashflow inside country economy resulted in boost up the economy growth in form of generated new job opportunities, high wages paid to labour and uplift standard of living of consumer living inside economy.
Economy growth can be improved many times follow advice of local and national leaders. Local people and national leaders of particular country well known about country main root problem. Solving root problem of country resulted in economy growth.
Economy growth of country influenced by 5 key factors of economy growth like natural resources, land, labour, human capital and law enforcement on buisness activities inside country.
We can improve the economy growth by making shortage of spending money at the time of economic fall. We can boost up the economy of country building efficient banking system.
How can I help local economy
Government of India taking lots of steps to boost up the economy regularly basis, as citizens of India we can help local economy growth at local market.
We can help local economy growth by following 6 simple ways to support local economy like giving a society funds, shop to local grocers, shop small business, pledge to local funding initiatives, attend local buisness meeting and support community events.
We can help local economy from studied financial data collected from primary and secondary data sources from Indian economy found that substituting with made in India swadeshi products and eliminating import of foreign products will helped our economy increased by swadeshi products.
Making group of peoples in form of society to collect fund from members of society. Collected fund can be used to for welfare of members at times of needs.
Shop to local grocers helped to boost up the local economy because buying from local grocery located in local market not only help local farmers but also it helped to create new standard of community.
Shop local buisness is an important steps of boost up the economy. You can buy many goods from large companies through online amazon, flipkart etc.
You buy products from local market shop this will going to help local shopkeeper to become financial confident.
How can a country improve its economy
Every country government can improve its economy. Let understand how can a country improve its economy with taking example of Indian economy.
Indian economy based on combination of various sectors buisness but dependency huge on rural population working and earnings.
Indian government can improve its economy by increasing earning for farmers. Indian population are get employed under agriculture and agriculture related job. Majority of Indian population 65-70 percentage are rural consumers. Marketing companies used various criteria used for rural consumers behaviour.
India country improve its economy when farmers income doubled they support others sector of Indian economy consumption.
Indian population 70 percentage depending upon agriculture related job. Agriculture sector of Indian economy expansion created new job opportunities for young population.
Agriculture expansion helpful in employed high number of population resulted in country improve its economy.