RECOVERING A LOW ECONOMY

Low economies bring great frustration to all the citizens of the country, and foster the increase of crime. In this article I am going to share some useful suggestion in reviving a dead economy. They include:

1.     Embrace innovation: Innovation is the energy of the future. We have to make better use of what we have to get what we need. Every country is endowed with great potential, properly utilized create room for economic restoration. Do not always desire to do new things, but make little improvement to what you already have and you will enjoy a better and best life.

2.     Enact favorable economic policies: Bad economic principles produces bad economy, but when these economic policies are formulated with the fundamental interest of the citizen and the potential available to a nation in mind in such a way that give maximum utilization to both human and capital resources, economic growth becomes inevitable. A sustainable economic policy is the key to economic viability and stability.

3.     Funding of small and medium scale enterprises: Small and medium scale industries are the fuel that drives economy and where they are not properly funded the economy crashes. Take a look at the well established economy of the world, and you will discover that one of the major drivers of those economies is small and medium scale industries. Adequate funding of small and medium scale industries creates jobs for citizens of the country. When the rate of employment is reduced, economic growth becomes achievable.

4.     Education: The proper education of the citizenry of a given nation is directly proportional to the quality of teachers dispensing the knowledge. Teaching is the profession that makes all profession possible. When the standard of education is high it produces high performance citizen who in turn contribute their knowledge in improving the economy. Where ignorance prevails the people suffer frustration, but where wisdom reign there is an abundance of wealth. Technical, scholastic, social and spiritual skills are all needed for sustainable economy. However for this to work effectively and efficiently, we must be responsible to make it work.

5.     We must join force with powerful economy: The recovery of an economy cannot be achieved without partnership with other great economies. Their knowledge and support will go along way to revive your dead economy.

6.     Encourage Investment: Creates room for investment. When people invest in your economy it boosts it because it enables you to create more job opportunities to citizens. End irrational consumption and start investing. Create a friendly environment to encourage investment.

7.     Do something unique: Work locally and make yourself indispensible.

8.     Embrace technology. No country can achieve economic transformation without embracing the benefits of technology.

Conclusively, I want to say emphatically that recovering a low economy requires the combined effort of the government, business owners and the individual who make up a nation. We must all contribute our own effort to see that our economy recovers. The government must invest in small and medium scale industries. They must enact friendly economic policies that encourage industrialization, economic growth and personal growth. The business owners must engage in efforts that creates employment opportunities for the people within their area of operation. The individuals must strive to make him self better. They must get educated and properly trained in specialized quarters in skills that are relevant to the prevailing industries within their locality. They must endeavor to create enabling environment to favor industrialization and investment. They must chon every act of vandalism and terrorism.

When we painstakingly and persistently put in all our efforts to recover a low economy the economic situation of our country shall improve. We must avoid the temptation to shift blames. Whatever becomes the state of our economy today, we all contributed to it in one way or the other, and it will take our collective effort in bringing it back to life. Our collaboration to recover our low economy is more important than the luxury of shifting blames. We have no other nation other than this, if we live it to go down we shall inevitably suffer and obligate countless generation ahead of us. No mater how long we sat down and waited for others to change the situation of our economy, it will never produce any meaningful result. We must rise up and effect a change by ourselves, and the time to do it is now!