Sample Essay
In order to induce growth in a region, in the long term, some sacrifices have to be made in the short term for a sustainable level of growth which is not temporary or non incremental and developmental in nature. The most evident sacrifice that needs to be made is by the consumers and the people in the country who have to save money and reduce their spending on consumer goods specifically those imported from international sources. Instead buying locally produced goods and services increases the demand and therefore the productivity in the local market resulting in economic growth which is developmental in nature. Aside from this the decisions need to be made where the industries and the companies operating in the region have to invest in projects which provide long term sustainable growth instead of short term profit generating projects.
It is also possible for the political, social and the legal environment in certain countries to pose as barriers for sustained economic growth. The political scenario in the country determines the focus the developmental and economic policies being made in the region. An unstable political environment provides uncertainty in the industry resulting in lack of economic growth while a development oriented political climate increases economic growth in the region. Similarly the legislature pertaining to how trade is conducted with countries and the nature of investment in the region also determine economic growth for the region. If the legislature is very conservative hinting bureaucracy then it poses as a barrier for economic growth. Moreover the social constructs and the cultural values of the people in a country can also result in reduced economic growth. One main example of this is the lack of women participation in the contribution towards the economy in the South Asian and Middle Eastern countries.
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