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What Are the Different Types of Economic Growth Strategies?

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  • Written By: K.C. Bruning
  • Edited By: John Allen
  • Last Modified Date: 05 September 2016
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There are several different types of economic growth strategies, from actions that encourage development to methods of solving problems that block economic progress. The overall goal of these strategies is usually to effectively raise a nation out of poverty. This can include strategies for both short and long-term improvements.

One of the most important economic growth strategies is to ensure that the population is free to better its circumstances. This can include addressing everything from inadequate healthcare to issues that threaten safety. The common factor among these roadblocks is that they prevent progress.

Economic growth strategies that address dangerous roadblocks can help to ensure the success of future strategies for development. This includes fighting crime, terrorist activity, and any other elements that threaten public safety. As it is often not possible to completely solve a lot of these problems, it may be necessary to devise a strategy to work around them, at least temporarily.

Other important economic growth strategies can be directly connected to the well-being of the population. This includes providing access to adequate healthcare, sanitation, and living quarters. It may also involve developing the skills of citizens with education such as vocational training and literacy programs.

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Another important economic growth strategy is the strengthening of existing industries. This activity is typically focused on ventures with the potential for growth due to factors such as a strong work force, readily available resources, and a good cultural fit. By expanding these industries, both the economy and the job market can grow.

Building new industries is another powerful economic growth strategy. By effectively tapping into global needs which can be fulfilled with domestic efforts, a nation can often pull itself out of poverty. It may also be beneficial to create an industry with a service or product that encourages the development of additional complementary ventures.

Changes in governmental structure can also be an effective economic growth strategy. This can include small changes such as creating laws that encourage or ease the function of industry. It can also involve major structural changes which allow the government to operate more efficiently.

One of the most effective economic growth strategies is to give the population of a nation as much access as possible to opportunity. This includes education, healthcare, nourishment, and employment. By detecting the barriers to providing these things to the population and making a plan for eradicating them, the population will be better equipped to lead the economic growth of a nation.

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literally45
Post 3

Education is extremely important for economic growth. It's even very important for countries that have a great economy. Innovation has become a huge player when it comes to economic growth. And innovation comes from people who are very educated and have the expertise and creativity to make them. That's why we see countries like Germany investing even more in education then they have been. They know that they are investing in the future.

burcinc
Post 2

@ZipLine-- That's a good question. I'm not sure what the answer is. It probably depends on the specific country and specific program. But I know that many academia feel that these programs are not sustainable and do not benefit developing economies in the long term. On the contrary, it makes them reliant on these programs. Of course there are issues with corruption as well.

I'm not saying that developed countries and international organizations shouldn't help these struggling nations at all. I think it's fine to give them money and assistance but there are clear rules and expectations. There should be some kind of measurable result. For example, we should know that the money went towards infrastructure, health care systems, banking systems or education. These are all things that enable economic growth.

ZipLine
Post 1

Can we talk about international aid?

I know that international organizations run aid programs in many under-developed and developing nations. Sometimes they run various programs, sometimes they give loans or free money. Do these programs really work for economic growth though? Has any institution studied the result of these programs?

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