The following article, “How Can Human Development Ensure Economic Sustainability?” is written by Sara Khan, a student of Sir Syed Kazim Ali. Moreover, the article is written on the same pattern, taught by Sir to his students, scoring the highest marks in compulsory subjects for years. Sir Kazim has uploaded his students’ solved past paper questions so other thousands of aspirants can understand how to crack a topic or question, how to write relevantly, what coherence is, and how to include and connect ideas, opinions, and suggestions to score the maximum.
2- Fathoming the terms human development and economic sustainability
3- Paramountcy of human development for the survival of humanity
4- How can human development turn into a reason for steady economic growth?
- ✓Spending more in the Information Technology (IT) sector.
- ✓Creating a healthy, productive, and creative labour force.
- ✓Promoting renewable energy resources and cheap electricity.
- ✓Promoting research and development and domestic industrialization.
- ✓Achieving gender equality and uplift the country’s economy.
- ✓Boosting the tourism sector and overall revenue.
- ✓Investing in education and provide job opportunities.
5- Remedies to achieve human development in the developing countries
- ✓To eradicate security issues
- ✓To augment domestic areas
6- Critical analysis
Answer to the Question
Human development plays a crucial role in uplifting and ameliorating humans’ interpersonal, governance, and monetary standards worldwide. To understand this, the developed nations have emerged as economic giants in the international arena, for they have brought off almost all Sustainable Development Goals (SDGs) prescribed by the United Nations (UN). In this frame of reference, the rapid emergence of Nordic countries by bolstering information technology, the surge of Singapore by introducing vocational training programs, and the rise of the US by enhancing research and development have profoundly highlighted the gravity of human development projects for a nation’s building. Today, these countries have not only touched the zenith of economic might but also worn the crown in eradicating poverty, unemployment, health crisis, and gender inequality globally. Therefore, economic growth is undoubtedly an unfulfilled dream without human development because it leaves no stone unturned in exploring untapped domestic areas and utilizing a country’s natural resources. However, the poor nations have not performed well in achieving such development projects, leaving them dancing to the tunes of foreign donors for financial support. Thus, to achieve absolute human development worldwide, poor nations must make national security their top priority, and they have to improve the infrastructure and tourism sector; only then will unadulterated prosperity become the world’s fate.
Fathoming The Terms Human Development Ensure Economic Sustainability
Human development has been recognized as the ultimate aim and the most determinant enabler for a sustainable form of development that envisions balanced economic, social, and environmental development. Meanwhile, according to the University of Mary Washington, economic sustainability refers to practices that support long-term economic growth without negatively impacting the community’s social, environmental, and cultural aspects.
Paramountcy of human development for the survival of humanity
Now, coming towards the importance of human development for a nation it centres on strengthening the capabilities of the public and allowing them to improve their living standards by eradicating poverty, unemployment, and gender inequality. Today, most developed nations have been climbing the ladder of success by fulfilling sustainable development goals.
How can human development turn into a reason for steady economic growth?
Spending more in the Information Technology (IT) sector
Undoubtedly, human development is crucial for steady economic growth. The far-reaching example in the context is the emergence of the Nordic nations that, by investing in the information technology sector, are touching the success sky. According to the International Data Corporation (IDC) recent data, Nordic’s Information Technology sector will hit about forty billion dollars by the end of 2023. As a result, these countries design copious amounts of the latest software(s), generating revenue for them.
Creating a healthy, productive, and creative labour force
The health and safety of citizens are prominent parameters in uplifting a country’s economic standards. More precisely, the healthy people of the country contribute more to nation-building. To illustrate, Germany spends 12.8 per cent of gross domestic product (GDP) on healthcare. Hence, the country gets maximum productivity from the masses—a statistic published in 2021 by the World Bank (WB). In short, the country is the fourth largest economy worldwide, as its healthy working force has contributed maximum to nation-building.
Promoting renewable energy resources and cheap electricity
Besides spending on a country’s health sector, nations have been moving towards renewable energy resources. This has become a reason to enhance the country’s energy sectors and has acted as the cheapest energy source other than coal and crude oil. Iceland has shifted a hundred per cent of its electricity generation towards renewable energy resources, saving billions of dollars, according to an analysis by the American Council for an Energy-Efficient Economy (ACEEE). Subsequently, human development has been fabricating the economic uplift of such nations.
Promoting research and development (R&D) and domestic industrialization
In contemporary times, research and development have significantly enhanced nations. One of the glaring examples is the United States (US). To justify this, the National Science Foundation (NSF) has highlighted that the US spending on R&D has surged from 41 billion dollars in 2020 to 717 billion dollars in 2022. Subsequently, it has contributed to creating mini-businesses, creative minds, and improving human lifestyle, showing that economic sustainability is a wild goose chase without human development.
Achieving gender equality and uplift the country’s economy
Countries with the highest gender parity get the opportunity to utilise the minds of half of their population, especially women, for nation-building. Several countries are now close to ending the gender gaps. To elaborate, Bangladesh’s recent empowerment of women in industrial zones has been proven beneficial for the nation’s economic growth of USD 42613.15 million from ready-made garments, according to the Bangladesh Bank (BB). Accordingly, human development and economic growth are interdependent.
Boosting the tourism sector and overall revenue
Investing in the tourism sector has been the cheapest way to boost a country’s GDP. Several countries, like Abu Dhabi and France, have continuously spent on this sector. An eminent example is tourism in Spain, which has acted as a prominent factor, as it absorbs the country’s thirteen per cent employment and contributes 11.1 per cent to its GDP—an analysis by the European Union (EU). Investing in and maintaining tourism can open bright chances for a country’s economic uplift.
Investing in education and provide job opportunities
In reality, human development is not only about boosting the country’s economy but also about creating job opportunities and innovative ideas through quality education and vocational training. The world has witnessed unprecedented growth in Singapore’s economy; this has happened because the nation introduced the Survival Education (SE) mechanism, resulting in highly technical and skilled professionals. In consequence, the country’s economy has surged at an unprecedented pace.
Remedies to achieve human development in the developing countries
To eradicate security issues
Although developed nations have done a wonderful job achieving human development goals, several poor nations have grappled with social evils. For them, achieving their goals is merely a distant dream. To accomplish absolute human development, these nations must improve security domains, such as domestic violence, street crimes, and cross-border terrorism. In this regard, unfortunately, Pakistan, Nigeria, and Afghanistan lack foreign investment and international acknowledgement due to their less attention to security concerns. Therefore, such nations must consider strengthening national security.
To augment domestic areas
Lastly, these countries can learn from Qatar surrounded by sand. The country has used infrastructure and tourism to enhance its economy. Today, poor nations have weak economies and low mortality rates because they have not utilised their resources properly, such as tourism and infrastructure. Hence, it is the need of the hour to use tourism to uplift and enhance the living standards of the public.
To evaluate it critically, human development has been proven to be a blessing in disguise for most nations. This is why most nations have shifted their national policies from economic reforms to investment in human development projects. Sadly, it is hard for developing nations to progress through human development due to emerging security issues and poor infrastructure. Ergo, these nations have to take security as their top-notch consideration to achieve absolute human development.
On a concluding note, human development has remained a trump card for promoting a country’s social, political, and economic standards. It accompanies healthier and more educated people who contribute to the economic growth of a country through their capabilities, skills, civil liberties, longevity, opportunities, and output, helping the nation to accomplish Sustainable Development Goals (SDGs) set by the United Nations (UN). Today, countries that have completed the goals have dominated the world economy, such as the world superpowers the United States (US), China, Singapore, South Korea, and Japan. Unfortunately, other countries that do not heed it are lagging in achieving the goals. Nonetheless, all of the goals can be achieved by considering well-thought-out measures.
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