Economic Development In Nicaragua

Economic growth is important for all countries. However, countries such as Nicaragua are in dire need for development since most of its citizens live below the poverty line. By 2008, the country’s gross domestic product was approximated to be $17.37 billion USD. This makes Nicaragua one of the poorest countries in the world. Although the country’s main economic activity is farming, it is important to focus on some other fields as well, since they also contribute to the economy’s development. While developing a plan for Nicaragua’s economic growth, it is important to focus on several aspects such as; health, education system, infrastructure, water and sanitation, property ownership rights and security among others. The economy of the country

The following plan will help in ensuring that the economy of Nicaragua is bettered. The first step in ensuring a stable economic growth for the next ten years will be bettering the education system in Nicaragua. Education is one of the most important tools for fighting poverty in any country. Regarding this, the country should first ensure that there is a reduction in illiteracy level (International Monetary Fund, 2010). A fall in illiteracy level will ensure that there is an increase in skilled labour in the job market. Skilled labour is far much better than unskilled labour since they ensure that firms realise high profits. These profits are the ones which contribute to the development of the economy. Furthermore, it is important to understand that the economy cannot be built by the male gender alone. The female gender too plays an important role in bettering the economy. It will be very important if the percentage of females who complete higher level education is increased. Although the number of literate citizen might rise, the education system too plays a major role in development of an economy. It is important that the syllabus is revised and education be made more practical than

Investors are some of the key participants when it comes to a country’s economic progress. These are the people who set up factories for example and employ the citizens of the country. International Business Publications, USA (2013) agrees that investors can either be natives or foreigners. So as to attract them, the county must have certain characteristics. For example, the country must be politically stable. Nicaragua citizens have managed to live in peace and harmony for a long period. This is important for the country since it is one of the key objects which attract investors. Most of them would want to capitalize at a place where their property is safe. It is the role of the government to continue fostering peace and harmony for the country to realise a stable economic growth for the next ten years. This is closely related with security matters as well. Law and order must be enforced to ensure that no one is afraid to set up a business premise. A 24 hour economy is also attainable only if the country is secure. Otherwise businesses will only have to operate during the day and this will slow down the economic growth. The issue of property rights too might shy away investors from capitalizing in Nicaragua. It is important to register all the properties in the country so that some people do not grab others