More than half of the countries in our world are poor or undeveloped. They are lacking general facilities. Many of them are even poorer to maintain nutrient levels, therefore ending as malnutrition in their children.
They are facing many development concerns for the masses. The list of deficiencies is a long one. However, the countries are trying their best to initiate projects for development and prosperity. No one would want to stay backward when other countries are full of technology and developed equipment to enhance the infrastructure.
When the internal matters and infrastructure of the country are doing well then more investors will to invest and bring their businesses. A country must have something in it to attract other businesses to collaborate with the local ones or open one of its outlets in such underdeveloped countries.
A minor list of the problems is as follows
Almost all countries are a victim of these political diseases so it is very hard to say it will ever end from underdeveloped countries.
It might not finish completely but governments can at least decrease the ratio of inflation to minimize poor people.
A peaceful living is the right of every human. It is totally avoidable by many means. And countries are well equipped to secure their integrity.
Malnutrition is a sickness of the body. A person is like a breathing soul with no meat in his body. People of some countries are suffering from it being helpless.
Healthcare and Education
It is a very major issue in almost all the undeveloped and poor countries because they are allocating more budgets for defensive equipment then on healthcare and education. Therefore, the private sector is taking advantage of fulfilling this gap.
Infrastructure is maintained once in years and then is damaging due to terrorism, natural disasters and wars. Protests even end up damaging the infrastructure. Accessibility and even trade routes are full of broken roads.
Lack of resources
Lucky are those countries that are rich with minerals or other natural resources. Many of the underdeveloped countries are enriches with minerals but due to corruption, the sale of such products can’t help the country to prosper.
This century is running on technology. The greater the modification of technology a country has betters the development will be. It is totally unavoidable. Businesses are running through
the internet merely, which means access to the internet is a part of our daily lives now.
Unfavorable business conditions
Since the local markets are facing inflation dreadfully in each type of investment from the initial purchase of the shop to buying products to sell. Online purchasing is another curb to these small businesses.
Improper supervision of huge projects
The supervision is not strict at all. Leniency won’t benefit the country and the people in any way.
Some of the features that underdeveloped countries have
- Low per capita income
- Deficiency of capital
- Rapid growth of population
- Weak regulation authorities
- Un proper management of agriculture
- Poor government policies
- No implementation of the policies designed
- Ethnic/ religious differences or misunderstandings
Impacts of these problems on the economy
The economy is disturbed with any change occurring in the state or even out of the state. The government, politicians, dollar rate, oil rates, corruption rather each and every segment related to the state can swing the economy.
Starting from the major factors, including the government, foreign investments, oil rates, and technological enhancement the underdeveloped countries encounter a terrible fate. The governments do take initiatives but, corruption in this regard doesn’t let the infrastructure to improve.
Countries lack internal resources and infrastructure thus, they remain deprived of the foreign interest and their investments. It is a huge loss for all the undeveloped countries because seeing the least interest of superpowers, other countries even stay away from these countries.
The inside issues of these countries are not helping the economy to boost. The more companies are built, the more the economy will improve. As companies hire people, poverty lessens. When the people work, businesses enhance from a single branch to many and then from one city to other cities, thus, they earn additional.
Their shares are sold on higher rates and even the buyers from outside the country show their interest. This is in direct support to the economy by the private sectors. The government in this regard is unable to manage imports and exports. The balance is not maintained and imports and more than the exports. It is due to the least concern towards agriculture and cultivation.
How to overcome these problems
Many of the factors might not affect the economy directly but their impacts are connected somewhere and somehow. There are some points to overcome problems while boosting the economy:
- Decrease in inflation or minimal increase in inflation
- Increment in consumer spending
- By increasing domestic demand
- Bring updates technology as much as possible
- Lowering the cost of basic living
- Buying cheap imports and selling expensive exports
- Increase the real wages i.e. nominal wages must be high
Hence it is not wrong to declare that poor countries are in loss due to their governments. The weak ability of the government employees in making and implementing the policies to making-decisions is ruining the whole system. Each part of these undeveloped countries is suffering from unplanned managerial matters leading to gigantic problems. The regulatory authorities are unable to sustain the policies peacefully.
For instance, Iraq had been suffering for decades are now willing to improve the conditions of its country. According to qrius, the Iraq’s national regulators are supporting the initiative of seeking a loan from the United Nations. In many cases, the citizens are not provided with equal facilities even.
Whereas, the officials and politicians are spending lavish lives regardless of the fact what the masses are facing in their daily lives. The economy also comes across many ups and downs, however, it is not really easy to recover even some ratios of the economy once fallen. The government has to take huge majors in boosting it by taking different proceedings.