Global Development Essay
Type of paper: Essay
Topic: Development, World, Business, Health, Countries, Economics, Population, Services
Pages: 1
Words: 275
Published: 2021/01/27
Significance of global development.
Global development promotes Community-Driven Economic Development (CDD) which is a perfect policy that ensures economic resources reach the grass root. Global development also helps in bridging the inequality gap. When we approach economic development from a global perspective, developed countries will form trade partnerships with developing countries which will effectively contribute towards achieving equality. Global development helps to develop institutions rather than focusing on individual welfare. Well-developed institutions are a key component towards regional economic development. Global development leads to diversification where several high-tech industries emerge to deal with specific challenges facing an economy. By promoting international trade, global development helps in sharing technology which promotes the growth of industries. Finally, global development policies focus on providing social services such as health care and education. This therefore leads to establishment and development of social amenities such as schools, health care facilities, sports facilities, recreational parks and other social infrastructure.
Challenges
The challenges of global development include:
Poverty – extreme poverty especially in developing countries means that the primary focus of governments and international community is to feed these populations rather than focus on infrastructure development and capacity building.
Political instability – lack stable governments and presence of wars retards development.
High population – densely populated areas are characterised by poverty. This leads to lack of access to quality education which as a key component of development both locally and internationally.
Disease outbreak – disease outbreaks such as Ebola cause countries to close their borders and hence inaccessible.
Opportunities
Opportunities for global development include:
Population – no one country is self-sufficient and hence the need to export and import goods and services. High populations provide markets for these products.
Technology – with advanced technology comes the opportunity to diversify industries. Companies have taken advantage of the internet to globalise their products. This has led to global development as countries with less advanced technologies import from those with high tech services.
Comparative advantage – resources are distributed in such a way that countries rely on one another in order to sustain their economies. This promotes both bilateral and multilateral trade as well as global peace and unity.
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