Sample Essay

Countries having a high level of poverty, unemployment and the lack of basic infrastructure and standardized way of life often experience stagnant economic growth. However if capital investment is made in these countries to make use of the unemployment levels and increase productivity and employ people in the industries, then its possible to create a long term positive economic growth for the country. Countries riddled with bureaucracy are often having high level of inefficiencies in its markets resulting in stunted growth. Similarly the lack of establishment of relations with other countries and the lack of trade zones and agreements can also result in low productivity ad trade for the country depicting low or no level of economic growth.

As highlighted above capital investment in the country is very important, specific to the development of the infrastructure and establishment of new profit generating industries. One sector of immense growth is the technology and the telecommunications sector. Investment in the field of information technology can increase the communication network in the region. “There are three main channels through which ICT can affect growth rates of GDP per capita: i) an acceleration of productivity in the ICT-producing sectors themselves and, despite what was said above about the limited role for shifts between broad economic sectors, a growing size of ICT-producing sectors in the economy; ii) capital deepening across the economy, driven by rapid investment in ICT equipment, and resulting in a boost to labor productivity; and iii) widespread spillover effects on productivity arising from the use of ICT technology.” (Elmeskov & Scarpetta, 2000)

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