Answer to Question #235345 in Microeconomics for Billie

Question

Most developing countries have been struggling to achieve economic growth and economic development. As a policy maker explain what advice you would give to those countries to achieve both economic growth and economic development

Answer 1

For such countries, I would advise on innovations and creativity. Aspects such as entrepreneurship may create more opportunities to reduce unemployment rate. This may help in attaining economic growth and development. Similarly, I would advice on reduction of interest rates within the government. This will make people to spend more, hence creating more revenue for the economy.