Sustainable Economic Growth and its Importance- Posted by Dr. El Sayed Awad

sustainable economic growth is diversification of the productive base in addition to the expansion in activities with high added value, supportive policies aimed at consolidating innovation and increasing productivity that enhance the capacity of the local economy to absorb internal and external shocks.
And I can assure you that there is a consensus among economists that raising welfare rates depends, to a large extent, on the ability of business enterprises to make the best use of the available resources.
And that sustainable productivity would permanently allow higher wages and the accumulation of material and human capital in addition to preserving the environment.
International competitiveness is an essential factor for economic success, and this requires, in effect, access to efficient production levels, obtaining knowledge related to new products, entering new markets, as well as developing new and more productive technologies and providing incentives for entrepreneurs to invest in order to achieve accumulation in material and human capital.
Evidence confirms that the first stage of economic development seemed to be affordable in most small and open economies and as a result of employing its resources in addition to its increasing integration with the global economy.
Therefore, emerging economies are able to reap the benefits of their relationship with advanced economies, especially in the sectors of trade and financial markets. However, once these countries have reached the middle income stage, achieving higher levels will be a difficult process to pursue. Despite this, a few countries have managed to maintain a degree Its competitiveness and to continue to grow on a sustainable basis like South Korea.
We see that countries that fall into the middle income trap as a result of low productivity growth and therefore will be unable to compete with low-income and low-wage countries in industrial exports as well as advanced economies with highly skilled innovations.
Consequently, these countries will be unable to make the necessary transformations in a timely manner from resource-oriented growth using low-cost labor to productivity-oriented growth.
According to economic theories, traditional exports will not be able to expand continuously as they were in the early stages of development, given that business opportunities will continuously decrease and wages will go up, which means lower competitiveness.

Sustained economic growth is diversifying the productive base in addition to the expansion in activities with high added value, supporting policies aimed at consolidating innovation and increasing productivity that enhance the ability of the local economy to absorb internal and external shocks, and I mentioned previously that there is a consensus between economists that raising welfare rates is dependent To a large extent, the ability of business enterprises to make the best use of available resources, stressing that sustainable productivity would permanently allow higher wages and accumulation of material and human capital in addition to preserving the environment.
She explained that international competitiveness is an essential factor for economic success, and that this in fact requires reaching efficient production levels, obtaining knowledge related to new products, entering new markets, as well as developing new and more productive technologies and providing incentives for entrepreneurs to invest in the best way to achieve accumulation in material and human capital.
Evidence indicates that the first stage of economic development may appear affordable in most small and open economies and as a result of employing its resources in addition to its increasing integration with the global economy, emerging economies are able to reap the benefits of their relations with advanced economies, especially the trade and financial markets, but once these countries reach The middle income stage, achieving high productivity levels will be a difficult process to go through, and despite that, there are a few countries that have been able to maintain their degree of competitiveness and continue to grow on a sustainable basis such as South Korea

To get acquainted with the future of sustainable development, it is necessary to study the aspirations and trends that this issue leads to, which is a vital step to face any urgent obstacles, and forecasting the future of development is difficult, as the threat posed by globalization is driven by economic insecurity and the consequences this brings, it is growing rapidly, so work must be done on Managing natural resources, tracking the effects of change, and proposing flexible policies that take as the rights of individuals at risk in the future, that would reduce any future risks and take sustainable development a deep dimension at the individual level because it In the end, it is an investment in the human being, especially women and the family. If we invest in it and develop it from the social, cognitive and economic side, then we have created a coherent society, as it takes another fundamental dimension. Sustainable development is an appeal to achieve the maximum level of human well-being and this can be achieved If property rights are available because they are the framework that encourages development, innovation, and economic growth, it is the essence of development, not its opposite.

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