The country’s economic growth is indeed essential for everyone, not just for the government but also for its citizens. You need to remember that the individual economic status of the people in a community is somehow dependent on the economic growth of the country. This is because of the fact that there are many factors leading to the economic development of a particular place. A simple example is the better way of life of people living in a first class city compared to those living in the suburbs. Hence, our way of life can also be considered as somehow a result of the kind of economy of the place and community we are part of. But have you figured out what contributes to economic growth? Here are three essential factors which have played a huge role in the economic growth of a place:
- Efficient tax collection – this is one of the essential factors to achieve economic growth. If the tax collection is very efficient then there is no way for the economy of the place to go awry. Thus, it is important to have concrete laws on tax collection and it should also be properly implemented. It can only be done without the corrupt officials.
- Peace and Order – this is probably the most important factor that should be noted for a country’s economic growth and development. If the place if peaceful then there is no reason not to attract investors. Getting more investors in the place will somehow create a domino effect of some sort leading to economic growth. This is why it is pretty important for government officials to ensure maintaining a real good peace and order in the area to lure more investors.
- Corruption-free government – if there is no corruption in government the more entrepreneurs will be enticed to do business in the place thereby resulting to its economic growth.