The paper "Economic Development" is an amazing example of a Macro & Microeconomics essay. The purpose of the report is to explain the evolution of the economic development observed in Malawi which is classified as a low-income country. The report gives the history of the developments in the economic development of Malawi. All the statistics on economic growth such as the change in per capita income, population, and the qualitative statistics that characterize the level of development are also explained in the report. The report also analyses the reasons for Malawi to perform the way it has over the decades as a low income classified by the world bank. Introduction Economic development refers to the process of improving the living standards of people in a country through the provision of employment opportunities, support for the new ideas brought up, and the creation of a better quality of life.
Economic development can also be defined based on the objectives it is trying to accomplish. These goals are based on improving the infrastructures, education systems, and public safety of the population within the country. Malawi is ranked as 18th in the least developed countries in which over 85% of its population is located in rural areas.
Malawi is a low-income country because it still relies on the old strategies that most states have forgone in developing the economy. Although the country gained independence, most of the economic activities have been based on agriculture which is termed as outdated methods. The country has tried to change the activities to Morden activities, but they have only improved with a minimum percent. Executive summary Economic development leads to the improvement of human living standards and the socio-cultural, political, historical, and economic values usually provide information on our notion of economic development.
Firstly, the socio-cultural values such as innovation, collectiveness, and materialism impact the economic development since a country aims at moving from the tradition living standards to the industrialized and business-related life. Political values such as political stability provide information on how better governance in a country leads to proper management of the finance to be used in economic development. The economic values such as the rate of employment and rate of economic growth provide information on the rate of economic development of a country.
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