A Compendious Outlook at African & South Asian Economies
To bring about a gentle perfection in economic mechanisms and an attempt to exterminate monetary uncertainties , so as to enhance productivity in the sectors of technology, trading and business; is what majority of African and South Asian countries instantaneously require.
Exploring feasible localities and strong sectors for investment are the domains to be relied upon primarily. An endeavor directed towards the betterment of the economic sector, in general and the enhancement of national income with special reference to the positive trends in Gross Domestic Product (GDP) and Gross National Product (GNP), in particular, is the need of the hour.
African and South Asian economies are counted amongst the retrograded ones in the world, not because of lack of planning ,but solely because of a team such economies hold, that is full of untrained staff.
Somewhat true it is that “WHAT WE DESIRE, WE DON’T DESERVE & WHAT WE DO NOT DESIRE, IT IS WHAT WE ONLY DESERVE”. The problematic issues such as inflation, poverty, financial crisis, market-decline, and shrinking labor force, are meant to be dealt on a very serious note and at firsthand.
For the production of goods and services, we take the use of four extremely essential factors i.e. land, labor, capital and organization. South Asian and African economies are tremendously proficient in the initial three factors namely land, labor and capital but, quite unfortunate it is that THE SOUTH ASIANS & THE AFRICANS, lack serious amounts of skills in management and entrepreneurship, which is totally pertinent to the fourth factor of production ( organization ).
Now, the sole aim and objective of a country must be to take productive steps in order to enhance country’s per-capita income. In this respect, the governments of South Asian and African countries particularly Bangladesh, Afghanistan, Kenya, Somalia, Sudan, India, Eritrea, Nepal, Niger, Nigeria, Uganda and Pakistan; can actively participate in their investment focused at human capital.
In my opinion, a large number of economic problems can be solved by equating the forces of demand and supply. This is because, nearly every South Asian and African economy confronts the shortage of food essentials and the intensification of the general price level, almost twice, each fiscal year and such a tendency sometimes, stagnates the economy and decelerates the rate of productivity on a larger scale.
Efficacious breakthroughs in the development of property, healthcare, infrastructure, in addition to financial services, telecommunication and technology, growth in retail sales and promotion of quality and credibility, will surely pave the way for a stronger, effective and strengthened South Asian and African Economy.