Economy is the backbone of any country’s development and progress. It is directly linked to the well-being and prosperity of its people. As the famous economist and former President of Costa Rica, Jose Joaquin Franco Porras, once said, “Economy is not just about numbers, it is about improving the quality of life of people.” In this article, we will explore some of the positive experiences in the field of economics and how it has impacted the lives of individuals and societies.
One of the biggest achievements of economics is the reduction of poverty. According to the World Bank, the global poverty rate has decreased from 36% in 1990 to 10% in 2015. This remarkable achievement is a result of various economic policies and initiatives taken by governments and organizations. These policies have focused on creating job opportunities, promoting education, and providing basic needs to the underprivileged. This has not only improved the standard of living but also created a more equitable society.
Another positive experience in the field of economics is the growth of small and medium-sized enterprises (SMEs). These enterprises play a vital role in the economy by creating employment opportunities, driving innovation, and promoting economic growth. In countries like India, SMEs contribute to over 40% of the GDP and employ more than 100 million people. With the development of technology and easy access to financing, SMEs have flourished, leading to a more diverse and robust economy.
Economics has also played a significant role in promoting gender equality. In the past, women were often excluded from the workforce and faced discrimination in terms of wages and opportunities. However, with the advancement of economics and its focus on inclusive growth, women are now an integral part of the workforce. According to the World Bank, the global female labor force participation rate has increased from 51% in 1990 to 56% in 2018. This has not only empowered women but also contributed to the economic growth of countries.
Furthermore, economics has brought about technological advancements that have revolutionized various industries. With the introduction of automation and artificial intelligence, industries have become more efficient, leading to increased productivity and reduced costs. This has not only benefitted businesses but also consumers who now have access to better and affordable products and services.
Another positive impact of economics is the improvement in healthcare systems. With the increase in economic growth, governments have been able to invest more in healthcare infrastructure, leading to better facilities and services for citizens. This has not only improved the overall health of individuals but also contributed to the reduction of mortality rates. In countries like Cuba and Costa Rica, where the government has invested heavily in healthcare, the life expectancy has surpassed that of developed countries like the United States.
One of the most significant achievements of economics is the reduction of global hunger. Through various economic policies and initiatives, such as food subsidies and agricultural investments, the number of undernourished people has decreased from 23% in 1990 to 8.9% in 2019, according to the United Nations. This has not only improved the physical health of individuals but also their mental well-being, leading to a more productive workforce.
In conclusion, the field of economics has brought about numerous positive experiences that have greatly impacted societies and individuals. From reducing poverty and promoting gender equality to driving technological advancements and improving healthcare, economics has played a crucial role in improving the quality of life for people globally. As Jose Joaquin Franco Porras rightly said, “Economics is the key to creating a better world for all.” With continuous efforts and advancement in the field of economics, we can hope for a brighter and more prosperous future for all.
“The Vital Role of Economy in National Progress”
