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Economic development strategies are used both by private organizations and government establishments to achieve a specific developmental strategy. Although you can find this type of development strategy in almost all financial institutions, it is peculiar among investment management companies which often apply it to achieve particular financial goals.
In governance, an economic development strategy is effectively deployed as an instrument for job creation and boosting economic activities in all or specific sectors of the country. The results of government involvement in economic development strategies are seen when there is a plan to cite some relevant industrial development in a particular part of the state.
To get the best out of economic development strategy, the government usually invest in three key areas to facilitate growth and development and improve the citizen’s earnings. Those three key areas include:
• Labour (or workforce).
• Marketplace (or industry).
• Community.
The results from all those three key areas are used as economic indicators that track results made on these investments. It also works as a good investment meter used by governments in measuring their developmental achievements. It is therefore no surprise that most of the countries with the most effective economic development strategies are the ones that have also been listed as the most developed.
Some examples of these countries include Luxembourg, Norway, Switzerland, and Sweden. For a better understanding of how this works, let’s look at some of the indicators of economic development in those aforementioned countries.
Some Popular Economic Development Strategies By Countries
Let’s start with Luxembourg:
Even with the predicted drop of 1.5% in 2030 in its economy due to some “inflationary pressures,” Luxembourg has always taken the lead as one of Europe’s best-performing economies. This is because of their General Development Cooperation Strategy: a strategic road map that with help them to successfully attain systematic development by the year 2030 through thematic priorities. The plan includes:
1. Augmentation and easy accessibility to standard basic social infrastructure.
2. More integration of women and youths into the country’s socioeconomic environment.
3. Encouraging sustainable and inclusive economic growth.
4. Encouraging inclusive governance.
Economic Development Strategies in Norway:
Norway, with a population of 5.408 million in 2021, has designed their economic development strategy around the improvement of education and training its populace in the digital economy, which they believe is the best way to improve productivity in the country.
But there was a little adjustment on the way: the government paid more emphasis and made more provisions in making sure that more efforts are put into creating new technologies that have the potential to improve the country’s economic development.
Finally, you have to know that both financial literacy and economic development strategies go hand-in-hand. This is why most investment management books you see today focus more on new ways to come up with the best strategic way to achieve the best economic and financial results.
More countries have started seeing the benefits of this method, more reason they are coming up with working economic propellers through the creation of economic master plans, organising economic development conferences and its likes, all in a bid to come out with a working strategy that deals with real economic issues in their country.
