In recent times, economic growth has helped many become richer, both in developed and developing countries. However, those in developed countries are not as happy as they were in the past. Why is this? What can be learned from this?
In recent times, more and more developing countries are moving to the front row of the world because of development in certain areas. One of the main reasons for this phenomenon is all the nation’s counterpart to global trading.
To begin with, developed countries already follow certain regulations in the international economy. They had a certain superiority and hierarchy in the same fields. Like, Arabian countries had authority in the oil industry, but the industry had handled by the European countries. That is the main reason for market fluctuations. Secondly, Importing and exporting regulations between countries became comparatively reduced compared with the olden days. This helps the exporters and imports to invest more in relevant fields.
In addition, the availability of raw materials for affluent nations was compact, and ermining players entered into the same fields. In the aftermath of this influence, the developed nations face huge economic crises and lost their supremacy.
Similarly, in the form of human resources after global development, the economy was comparatively shorter, and opportunities are also reduced. This may cause a brain drain. The entire resources move forward to different nations, and that may affect the economic strength. Apart from this, corrupt governments in countries are slow down the growth of development. They cannot afford the growth of population and developing infrastructure. Moreover, climatical conditions also reason for the same.
To conclude, it is always better to treat our resources wisely once we trapped in certain crises that cause the decline of particular nations’ economic stability.
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