Developing Economies' Issues Essay Example | Topics and Well Written Essays - 1000 words

Developing Economies' Issues - Essay Example Less than half a century ago, many underdeveloped countries like Hong Kong, South Korea, and Singapore which were amongst poor nations of the world; have made rapid growth, flourished & now they are amongst the wealthiest nations of the world. This is all due to some economic reforms their governments have implemented in order to make their country a prosperous one. Any developed nation like the US, China, UK, Japan, Germany etc has such policymakers who focus on every possible ways to get strong economically. They focus on every aspect that can add up sustainability in the economy; like health, infrastructure, literacy & education, living standards, productivity etc. All these factors combine to form a solid economy & a successful nation. No doubt every nation wants that its economy should get stable & strong, but everyone is not like Chinese people who struggled very hard to achieve their goals & made a bench-mark in economical development. India is also one of the developing nations. More than 50% of Indians are poor, but their economy is getting stronger day by day. How is this all happening anyway? The answer is that more than half a population of Indians is suffering & sacrificing for their country.   People such as Indians who are mostly related to the agricultural sector suffer the most, as this sector receives the least income when the foreign investment is being made in cosmopolitan cities. The infrastructure is being rebuilt, the literacy level is increased in cities & there are more job openings in big cities as compared to the villages. Most labor comes from backward areas because there are very fewer opportunities in their own surroundings. Hence the labor force in villages decrease & ultimately this s ector fully vanishes. On the other hand, when the economy of any country gets strong enough, then it makes such imports which fulfill the needs of agriculture in the country. For example, the geography of the  US does not permit to have a large agriculture sector, but it imports all such things without burdening the economy or tightening taxes on the public. So every 3rd world country’s citizen should make sacrifices like those made by Indians, in order to make their country economically stable. At this time, India is highly suffering from the Kuznets factors; there is so much economic inequality in the society as the country is developing, but when India would be in the list of fully developed nations, this inequality will decrease when a certain amount of average income will be achieved.