How can poor countries develop their economy?

Question

What are some recommendations in building the economy of poor countries

Answer 1

The bedrock of economic growth is built on low taxes, simple regulation and an intolerance for corruption. It's hard to start a business where businesses are heavily taxed and regulated. The twin sister to taxation is regulation, and the two go hand in hand. Both can sink a business before it starts.

For business to be able to grow, it must be free from dealing with corruption. If government inspectors and regulators are constantly preventing business until fees are paid, the business owner will just fold up and take his/her idea elsewhere.

Where taxes are low, regulation is sensible and corruption is minimal, businesses can flourish and competition can grow. This is good for everyone, from business owners to consumers.

Answer 2

fight disease. AIDS has wiped out the working age population in many of the poorest nations
Malaria, kills millions and uses up the limited resources that could be used for development. Malaria is mostly preventable and curable.

The country at war has to stop fighting.

The developed countries have to stop subsiding their agricultural industry.

Education especially for the women

These are some of biggest problems the developing world faces and the best way to get a country to develop is to have a healthy, safe and educated workforce

Answer 3

In the post-industrial revolution world we live in today, it typically takes the investment of another developing nation or an already developed to build its economy.

As an example: China and 48 African countries have very recently signed a trade pact amounting to approximately $1.9 billion. China agreed to lend financial aid to those countries in return for securing crude resources (most notably petroleum).

China gets another market to sell it's goods and resources to power it's charged economy; Africa gets the funds and aid it needs not only to assist the impoverished, but also the money to perhaps invest into its own banks and economy. (The availability of more financial resources encourages people to borrow, many of these borrowers invest their capital either back into the government or into their own enterprises thereby enriching the economy)

Answer 4

Export more than import. Set up incentives for people to save money. Slow down inflation so that spending isn't so compulsive if they want to retain value for their money. Most poor countries are plagued by corruption (much more extensive than in the US) and factions that are descructive either through outright warring or illegal trade.

Answer 5

First off, education and training.