Underdevelopment and poverty are still some of the most serious and challenging
ID: 1123343 • Letter: U
Question
Underdevelopment and poverty are still some of the most serious and challenging human problems today. Studying development models such as those of Asian Pacific Rim (APR) impart valuable lessons and examples for developing countries to consider when putting together their own development model. What factors do policymakers in developing countries need to consider when borrowing economic policies and strategies from successful development models such as those of Japan and other APR countries? Explain.
Explanation / Answer
The most important factors that policymakers in developing countries need to consider are as follows:
The major challenges that affect the developing countries are underdevelopment and poverty. Poverty and lack of basic development is acting as a hinderance for these nations. These nations must adopt policies such as compulsory education, infrastructure development, employment generation etc which would act as an effective measure for poverty eradication and promoting development at a grass root level. The policies which encourages savings among the general public must be adopted by the developing countries as it has been effective in countries such as Japan and China. This would help in promoting investment and thus generating employment. Thus would help in income generation, poverty eradication and improving the living standard of the people. Infrastructure development and development of the tertiary sector would help in smoothening the productive activities in the economy.
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