The following article is written by Zoya Taj 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.
Introduction
Human development fosters the economic sustainability of a country by building a healthy, skilled, and diverse labour force that can drive innovation, productivity, and competitiveness in the global economy. In recent times, Switzerland, Norway, and Iceland have surpassed other countries in human development insights, as per the United Nations Development Program report, 2022. Human development accounts for the process of improving well-being and enhancing the capabilities of people in a society. Nevertheless, economic sustainability refers to the practices that support long-term economic growth by effectively using available resources within a community. With the pursuit of human development, a country can attain economic sustainability in a number of ways. First, investing in quality education, skill development, and innovative learning helps to achieve a knowledge-based economy. Second, building robust healthcare systems and addressing public health disparities can provide a healthy and resilient workforce with long-term economic gains. Third, ensuring fair distribution of wealth and opportunities can help to curb injustice and alleviate poverty, which is essential for economic growth. To sum up, a country’s human development and economic sustainability are directly related to its progress and growth.
Human Development its significance for a country
Taking a glance over the understanding of human development, the process of improving well-being, uplifting the standard of living, and enhancing opportunities for the people of a country, is an integral component of every modern nation-state. Indeed, a country’s human development is often measured by the Human Development Index (HDI), considering life expectancy, education, and per capita income. Human Development is a multi-faced phenomenon; besides, its key objectives of providing a healthy and long life, access to education, and a decent standard of living aim to achieve social inclusivity, gender equality, and sustainable development for the consistent growth of a country. Thus, for a country to become socially and economically stable, the importance of human development is undeniable.
Economic sustainability and its critical drivers for the economy of a country:
Likewise, economic sustainability, a country’s economy’s ability to balance long-term growth whilst preserving its social and environmental aspects, is vital for a robust economy in recent times. The magnitude of economic sustainability includes long-term prosperity, resource management, environmental preservation, and social equity. Moreover, it is beneficial, as it serves as a domino effect to increase sustainability worldwide by boosting business activity and greener practices. To cope with the evolving challenges to the world’s economies, a country must incorporate principles of economic sustainability for a well-to-do and prosperous future of its people ahead.
How can Human Development lead a country towards Economic Sustainability?
Shifting towards the discussion of the maxim, human development can bring economic stability to a country, as discussed below.
- Enhances the capacity and efficiency of labour personnel, resulting in the persistent economic growth of the country
The first main objective of human development is to enhance the existing abilities of the people of a country by providing them necessary skills, appropriate knowledge, and massive opportunities to contribute effectively towards its economy. In fact, a skillful and educated workforce serves the country with enhanced productivity and creativity, boosting its economic indicators. For instance, according to the World Bank, “The labour force in China amounted to around 780 million in 2022, ranking the largest workforce in the World.” Moreover, China is becoming a competitive economic market for superpowers and leading economies, the best example that could better explain the significance of human development for its economic sustainability.
- Encourages social inclusion and equality, providing more significant working opportunities to the masses
Next, human development encourages social inclusion and equality by empowering individuals, removing barriers, and providing equal opportunities to each member of society. It also includes curbing discrimination and prejudices against every sector of society for better participation of all males and females. According to the UN Women Data Hub, “Norway ranked top of the countries with the highest social equality indicators in 2022.” The example illustrates that social inequality must be mitigated to represent a country better in social, economic, and political spheres. To sum up, human development is a people-centric approach that encourages social inclusion and equality for better economy of a country.
- Improves the living standard of the people, enhancing healthy human capital for overall development
Further, human development plays a vital role in enhancing the healthy human capital of a country by addressing various aspects of individual well-being and health that ultimately benefit the overall development. It encompasses prioritizing health services, focusing on food security and nutrition, and providing safe drinking water for the people of a country. According to the Human Development Index (HDI), “Switzerland stands first with a score of 0.962 on the list of the highest human capital index in the World in 2022.” The country also lies in the list of leading economies of the World. It shows that investing in human capital provides a healthy and resilient workforce that is an asset for consistent economic development. Hence, human development enables individuals to participate effectively and improves the living standard of the people.
- Focuses on quality education and skill development, promoting innovation and creativity essential for economic stability
Besides it, human development contributes towards a country’s economic stability by emphasizing research and development, providing access to information and technology, and fostering entrepreneurship. Moreover, it encapsulates collaboration and networking, lifelong learning, and sustainable practices to reduce environmental degradation. In this respect, stressing human development is the best way to utilize the potential of a country. According to the Organization of Economic Corporation and Development, in 2022, “The German Government spends around 1,500 euros per student a year on educational resources.” Moreover, the education system of Germany combines practical on-the-job training with classroom instructions to ensure a competent workforce that synchronizes with industry demands. It is evident from the previously mentioned fact that human development leads a country towards economic stability and continuous growth.
- Attracts foreign direct investment in the country, fostering a culture of progress and advancement
Lastly, human development is a substantial way to attract foreign direct investment in the country by embracing technological advancement, providing social infrastructure, and maintaining political stability. Other factors that create a climate for the investor to contribute towards the country’s economic development include a skilled workforce, business-friendly policies, innovation and research. These factors play a crucial role in attracting and retaining foreign investors. According to T
the World Bank, “Singapore receives the highest value of FDI, which accounts for about 30.2% of its GDP in 2022.” Likewise, the country invests in human development for its regular economic growth. As a result, the Foreign Direct Investment boosts a country’s current financial status and promises long-term growth, and human development is a means to do so.
Critical Analysis
Critically, human development’s role in redefining a country’s economic stability is indispensable. A government can’t avoid human development in the modern day of globalization and artificial intelligence. Countries that sideline human growth need to catch up in the economy, society, and politics. Thus, human consequence is unavoidable for a country’s progress and stability.
Conclusion
In conclusion, human development is essential in today’s world for a country’s prosperity, progress and long-term growth. It provides a country with a skilled labour force, decent standards of living, and social inclusivity. Moreover, it promotes research and entrepreneurship that ultimately attracts foreign direct investment in the country. China, Germany, Norway, etc., are glaring examples of nations focusing on human development and leading the world with robust economies. Conclusively, human development’s significance is undeniable for a country’s economic sustainability.
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