Implementing A Development Plan For The Country s Economy

When pursuing development plans, they are usually geared around methods to increase the state of the country’s economy. However, the ultimate goal for a development plan should be to not only ensure that the economy is better off but that the people are better off. Developing later has benefits in the sense that decisions can be improved based on learning from advanced countries and have the knowledge on how not to waste resources. On the other hand, the later you begin to develop the more difficult it will be because of the time lapse. On top of that, based on the description of the country, there will a lot of challenges, economically and politically, to endure in order to attempt to achieve development. The biggest challenge that the country faces is in terms of currency. The country needs local currency to pay for labor and domestic inputs while the foreign exchange is necessary to pay for technology, capital goods, imported inputs, and transportation. Although, it is beneficial that the country has no deficit or accumulating debt, the country does not have any foreign exchange. This hinders the overall ability for the country to develop via industrialization. One way to get foreign exchange is to exchange your local currency into dollars, but this can only be done a very small scale because the domestic currency is needed and exchange rates can become problematic. Another possible mechanism to create foreign exchange is through implementing free trade. This wouldShow MoreRelatedThe Greek Sovereign Debt Crisis1418 Words   |  6 Pagesits economy woes? Secondly, should Greece change its domestic economic policies in response to demands from the EU? Yes, the European Union should help Greece bailout its economy woes. The reasons are as follows. Greece was living expenditure beyond its means even before it joined the European Union. After Greece adopted the euro of single currency, so public sector spending was sharply increased. 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