Switching from Dead economy into money-spinning system

Businesses are undergoing hardship phases in the current economic state of the world. Policy makers, tech professionals and management teams try to implement progressive strategic plans for company’s productivity. Still, several companies suffer from economic crunch and their growth is stagnant over several decades. Economy of a country may depend on business growth and become a dead economy when they do not exhibit any financial progress for a long time. 

Numerous factors push a healthy economy to a dead financial system in a country. Poor infrastructure of country such as insufficient transportation, energy, or lack of communication facilities may disrupt numerous financial activities and decline in investment. Another major reason for the dead economy is lack of Diversification. Countries dependent on a single industry or commodity may weaken the economic system which leads to price fluctuations or inability to observe global trends. In a country, political uproar and instability can daunt both domestic and foreign investment which may hamper economic development. Other societal issues that include Poor Governance, corruption, lack of transparency, and incompetent administration hinder business development and negatively impact the growth of enterprises. Government policies, improper investment on major domains in the country such as education, healthcare, and technology may deter fiscal progress and result in a dead economy. Dead economy may be the outcome of external shocking circumstances like global economic recessions or natural disasters.

To shift the economy from feeble to profitable, economists, policy makers and administration must plan at ground level and implement effective strategies at inception stage to avoid any economic shock. Government or private sector must devise attractive policies and investments in infrastructure. There is a key role of the government to invest heavily on education, and technology to prepare a fertile ground for future economic growth.

To revive the dead economy of the country, policy makers, government officers must devise stunning and effective policies wise investments and comprehend trends of global demand for products and services to transform into lucrative. Another effective way to revive the economic system is to work on policy Reforms. Government and private sector must implement viable economic policies, such as deregulation, tax incentives, and trade liberalization to magnetize stockholders to expedite economic activity. Diversifying from a single commodity and developing new industries is a brilliant step to strengthen a country's economy.  Government must curb illegal practices, reforming important institutions, and create a transparent system in government proceedings to stimulate economic progress. Swollen economy of a country can be profitable through augmenting their presence in the global market. Unique products or services must be flooded in international platforms to incite global consumers. Such a great step may mobilize production, exports, and economic progress. Among all, technical progression is a decisive factor in. sprouting financial system. Enterprises and government bodies must keep watch on latest technological developments and adopt these cutting-edge apps to foster economic growth. Lastly, a brilliant Personnel and wise team contributes a lot in enhancing the economic system and businesses which may turn a weak economy to a lucrative financial system.

Example of India's economy that has miraculously transformed its fiscal growth from administrative hurdles. Currently, it is trying to reach the zenith of success through great efforts of engineers, policy makers and government officials.  It is becoming a fastest-growing major economy in the world, motivated by huge investments in infrastructure and vast customer marketplace. Numerous foreign brands are enthused to invest in the Indian marketplace.

Smart approaches, long-term vision and intelligence of administrative powers may switch the dead economy to generate unimaginable revenue and rock in the global market.

 

Closing thoughts:

The changeover from a dying economic system to profitable involves immense initiatives of government, private sectors, policy reforms and investments. Countries must be prepared for external challenges that may unfavorably impact on economic growth such as war, natural disaster or global economic recession. Embracing rapid technological development may prove to be a success factor in mounting the economic graph of a country. 

Important note: Above article is based on environmental inputs and reflects the analysis of the writer on the topic. It can be referred to as a general overview. Readers are advised to contact professionals in case of technical information. Any resemblance is just a coincidence. Writer is not responsible for any disagreement.