education, may be disproportionately economically impacted by HIV[3], By killing off mainly young adults, AIDS seriously weakens the taxable population, reducing the resources available for public expenditures such as education and health services not related to AIDS resulting in increasing pressure for the states finances and slower growth of the economy. On the other hand, when there is recession in the economy energy sector will be mostly affected since this sector is capital intensive and involves long term planning. These endemic problems range from abject poverty, violence, underutilise agriculture, infrastructure, lack of access to credit facilities, social fractionalisation, poor health facilities, poor education to . After reading this essay you will learn about: 1. There are approximately 162 million people living in Nigeria. Many infants born into poverty have a low birth weight, which is associated with many preventable mental and physical disabilities. Development projects operate in challenging environments, where uncertainties about the future increase the risk to the project. There will be some 33,000 construction jobs, and 5,000 on-site at one time during the height of construction of this carbon-neutral, "green" facility. In as much as it provides the theoretical basis for working in the field, it also presents the challenges associated with the everyday economic, social, and political realities of planning local economic . [3] Relative poverty takes into consideration individual social and economic status compared to the rest of society. Use the information to plot their Lorenz curves for consumption, which are similar to Lorenz curves for income . The argument, simply put, as well, has it that empirical studies show that countries with higher approval ratings (happiness index) enjoy longer periods of economic development. Some industries are better stepping-stones than other industries for this process. We have measured the relatedness of all pairs of exported products and we can look at what products a country is already good at and what are the most related products that they have yet to develop. Factors Affecting Stability and Efficiency of Power Supply. I am convinced that "enlightened migration" can be a win-win for both sending and receiving countries - even if the movement of people is one of the most difficult aspects to manage globally. This definition of economic growth consists of the following features of . In some heavily infected areas, the epidemic has left behind many orphans cared for by elderly grandparents. The technical implication of starting up or shutting down a thermal generating unit or even increasing or decreasing its output is considerable mechanical stress in the prime mover [3]. Today, the health economy represents some 10 per cent of GDP in the OECD as a whole, rising up to nearly 15 per cent in the US. The comprehensive study of China's manufacturing sector and overall competitiveness was meant to address long term development challenges, such as shrinking productivity and a declining labor pool. The OECD can offer a wealth of information and analysis, based on the experience members have shared over the decades under its auspices, drawing on the expertise of its committees and staff. Lack of Manufacturing 4. The best approach in minimizing the effect of natural phenomena on the power grid in Nigeria is to carryout extensive analysis of the possible natural phenomena including environmental conditions that could affect power system equipment. They need policies that more consciously address the chicken and egg problems that always bedevil the diversification process. As Mr. Cosid noted in his report, the economies of the major OECD countries, including in Europe, are all expected to continue to grow in the next 18 months, albeit at a somewhat slower pace. The Government should introduce total energy management (TEM) as shown in figure 1.4. This is clear since power system equipment indices decrease as they get aged in operation. Mr. President, ladies and gentlemen, it is an honour to address this Parliamentary Assembly for the first time. The recommendations given in this paper are arguably the best ways to enhance stability and improve efficiency in electric power sector of the country. tourism, Lack of fiscal space to save jobs and address pandemic, Macroeconomic instability and recurrent balance of payments shocks, Low productivity due to poor human capital development, Skills mismatch between skills you have and the jobs you want to create, Lack of quality jobs; high levels of informality in the economy. Besides financial uncertainty, these families are more likely to be exposed to series of negative events and bad luck, including illness, depression, eviction, job loss, criminal victimization, and family death. It is also important to note that government policies are influenced by some other factors such as economy factor, natural factor, external factor, etc. The creation of this plant will reflect a $5.6 B investment with a $1.2 B economic impact. Economic development is a process that generates sustained and widely shared gains in per capita real GDP. The impact on the economies of some of the African countries is still not completely known. Poor families experience much more stress than middleclass families. Where there is an increase in GDP or GNP in a country, it is obvious that there will be misbalance in the demand and supply of energy. Keywords: Local economic development, challenges, solutions, stra tegies, northern Free State. Though deprived of centuries of robust economic development and investment by colonialism and imperialism, the Philippines stands to overcome its modern challenges and take advantage of opportunities that would encourage its economy to grow. Two years later in 2015, the "Made in China 2025" plan was born (hereafter China 2025). Trentonians, as well as stakeholders, have identified improving all of these sectors as critical for achieving the community-driven Vision. The agency in a statement in Abuja, quoted Tafawa-Balewa, the coordinator, as saying that NAPEP was established in 2001 to improve the skills of the less privileged in the society, which is the basis for eradicating poverty in various communities. In the process of economic growth, countries change what they do. Monetary policy could be expansion policy or contraction policy. At the same time, business and industry are faced with enormous challenges in maintaining a competitive workforce in the . This requires a government that can play a smart coordinator role, which most governments are not set up to do. Devolution is viewed as both a political and an economic empowerment process.In a devolved . The Ministers also asked me to develop new ideas and be proactive in approaching non-Member economies with a view to making the OECD a permanent hub for dialogue on global economic issues for member and non-Member economies. No subscription. Excessive stress damages the plant and shortens its lifespan. At EDA, we understand that some communities need help developing a plan and figuring out where to start their efforts. TheParis Declaration on Aid Effectiveness, adopted in 2005, was inspired by OECD work in this area. There can be reasons such as political disruptions, changes in import-export scenario or . Sociologists have been particularly concerned about the effects of poverty on the black underclass, the increasing numbers of jobless, welfaredependent African Americans trapped in innercity ghettos. Some theorists have accused the poor of having little concern for the future and preferring to live for the moment; others have accused them of engaging in selfdefeating behavior. Brooxie Carlton, Assistant Commissioner of Community and Rural Development for the Tennessee Department of Economic and Community Development, addressed the Monthly Membership Meeting of the Collierville Chamber of Commerce on Wednesday, September 14, at First Baptist Church of Collierville. The issues are: 1. Destruction of world-famous Indian handicrafts. Determinants of Economic Development 3. An example of this approach could be seen in recent years when Nigerian government passed a bill that made it compulsory for all major oil companies in the country to be investing in independent power generation projects to boost the existing generation capacity. The use of traditional methods of cultivation, which results in low productivity and stagnation in the agricultural sector. Corruption can take many forms that vary in degree from the minor use of influence to institutionalized bribery. Ms. Lu is more than academics, as she is an accomplished pianist and flutist with the Memphis Youth Orchestra. This could only be achieved if there is sufficient investments fund. Challenges for economic growth and development. Human resources planning and management play a vital role in any production activity. Poverty is an exceptionally complicated social phenomenon, and trying to discover its causes is equally complicated. He said NAPEP was established to coordinate the activities of all poverty eradicating agencies in the country, adding that the organisation had remained focused in executing the task.The programmes are Conditional Cash Transfer Programme (CCT), tricycles, Keke NAPEP Initiative and others, initiated to alleviate poverty and provide stipends to the poor, it said.The coordinator added that the programmes had helped to sharpen the knowledge of participants and provide techniques to improve their performance for effective poverty eradication in 2013.The statement noted that NAPEP had collaborated with state and local government stakeholders to ensure uniformity in the implementation of its programmes, and that the collaboration would enable the agency coordinate the activities of all poverty eradicating agencies in the country. Upjohn Institute for Employment Research, Economic Development Quarterly, and the Federal Reserve Bank of Chicago to pull together quality research on the challenges facing public policy makers in addressing the economic . On several occasions, automatic tripping of the circuit breaker results when there is bridging of conductors due to falling trees. Individuals or groups of individuals should be encouraged to participate in the energy activities. HIV disproportionately infects and impacts on women, so those sectors employing large numbers of women e.g. Nepal Development Update. This will give an insight on where to put more investments. And I am delighted that some of you are joining us tomorrow at OECD headquarters in Paris for our high level parliamentarian seminar on Growth and Jobs. OIC Internationals Health, Nutrition & HIV/AIDS programs provide health education and palliative care to ensure that individuals and communities have the knowledge and resources to lead healthy lives. For countries in South America and Sub-Saharan Africa, the industries in which they excel are often lousy stepping-stones for further diversification, meaning that, they require capabilities that are not easily redeployed towards other industries. This is the challenge of the so-called political economy of reform - how can governments implement the necessary reforms without having to wait for crises to occur? The experience in Australia, where investments response has been in the face of robust growth in demand, suggests that governments need to carefully consider the implications of their policies and subsequent actions on private investors that the reforms are attempting to attract. The Declaration sets out commitments on improving aid practices, with targets to measure progress in 12 areas. Monetary policy could also be divided into two groups namely interest rates and bonds. This is one of the main reasons why majority of energy enterprises seek a way of tax holiday for the period of construction of power infrastructures that normally range from five to eight years depending on which type power stations. 1. If the tax is too high, it means that the energy power enterprises profits would be reduced. The disempowering nature of social, economic, and political exclusion results in ineffective, unaccountable, non-transparent . Loan repayment and the payment for the expenses on their services according to the lending terms must be made by means of surcharges to the corresponding rates. When there is effective energy management, there would be economic efficiency, because power producers would try to maximize their profits by using those generating units that minimize cost, while consumers would buy the energy at marginal cost of production. Copyright 2022 The President and Fellows of, Ash Center for Democratic Governance and Innovation, Belfer Center for Science and International Affairs, Mossavar-Rahmani Center for Business and Government, Shorenstein Center on Media, Politics and Public Policy, Taubman Center for State and Local Government, https://www.facebook.com/harvardkennedyschool/, https://www.linkedin.com/school/harvard-kennedy-school-of-government/, https://www.youtube.com/user/HarvardKennedySchool, http://instagram.com/harvardkennedyschool/, High rates of unemployment or underemployment, Increasing inequality, with many not being included in the growth process, Disruption of major economic activities due to the pandemic, e.g. Some of the challenges of economic development in Nepal are: 1. Another form of this energy policy could also be a kind of passing a bill by the government that will enforce the participation of private, cooperate organizations in generation, transmission and distribution of electrical energy. Sometimes to even get some of the spare parts of those old equipment is a problem due to the fact that they are not technically and economical viable to manufacture. Population ageing is perhaps the biggest challenge for many OECD countries. I have seen the impact that access to clean water and sanitation can have on the poorest, on women and children on their lives and their dignity. Many of the industries (textiles, auto, steel) that previously offered employment to the black working class have shut down, while newer industries have relocated to the suburbs. According to economic theory of regulation (Joskow and Noll, 1981) which describes attempts to predict which institutional arrangement is preferable as a function of the comparative social costs and benefits of the following: government monopoly; private monopoly base, regulation and government/private monopoly with regulation The solution to each institutional arrangement mentioned above involves costs, including (1) the social cost of the monopolist using its market power, (2) the cost of maintaining a regulatory agency, and (3) the costs imposed on the monopolist by the regulator[10]. We must address it not just on ethical and moral grounds but also for purely economic reasons. Carltons presentation included informative and inspiring video productions highlighting West Tennessees corporate headquarters and the promising future of products such as Ford batteries Built Ford Tough, Mastered in Tennessee., 485 Halle Park Drive Collierville, TN 38017-7088, Economic Development: Challenges and Exciting Opportunities. Issue # 1. These damages include; bending or falling of trees, breaking of the 33 KV cross arm, shattering of the lighting arrestor and cracking of the insulator. Recommendation to Find Solutions to the Complex Problems Affecting the Energy Sector in Nigeria, the Following Recommendations are Required. In some developing countries, there seem to exist abundant human resources, but specialists in power sector are scarce. Structural Changes. This requires these industries to be competitive enough so that foreigners are willing to buy from them, given that they have so many other options to buy from. Energy Crisis 3. Monetary policy is another powerful tool that Government uses to stabilize economy. For these countries, the challenge is more significant. Improve infant and young child feeding and care practices for women and children, Prevent and manage diseases, including HIV/AIDS. This will enhance professionalism in technical and management skill. Introduction "Suitable economic policies could cure all economic problems by stimulating local economic development to create better human and financial capital flows" (Reich, 1991). The role of deregulation is to structure a competitive market with enough generators to eliminate market power of monopolist. In conclusion, the factors affecting energy sector in Nigeria are complex and interrelated in nature. . [2] Poverty may be defined as either absolute or relative. In recent years, economic development in Central Africa has been improved due to increased investment in roads, railways and seaports. While GVCs have persisted, several demand and supply mismatches caused by the pandemic have resurfaced throughout the recovery period in 2021 and 2022 and have been spread internationally through trade. Collectively, Trenton's economic development challenges are limiting its ability to reach its potential. The main factors affecting economic development include. Although varying theories abound, sociologists will continue to pay attention to this issue in the years to come. Yarborough shared a video which detailed highlights of the visit. The lack of an attractive environment for investment and the lack of economic resources and infrastructure are among the biggest challenges facing economic development. So my question would be, Why does Asia look more promising than the Americas and Sub-Saharan Africa?. This is especially true if the sharp increase in adult mortality shifts the responsibility and blame from the family to the government in caring for these orphans.[2]. [2], The increased mortality in this region will result in a smaller skilled population and labor force. Therefore, governments strong energy policy through direct investment will be the only way to achieve the level of investments needed for improvement of power generation capacity and modernization of the energy infrastructure. When the energy demand has been established, then we can now analyze the resources that are available to meet up with the demands. With economic stimulus from the government, however, HIV/AIDS can be fought through the economy. 1 we introduced the research problem, the aim of this chapter is twofold: first, to present a background to motivate the research by explaining some stylized facts to examine more extensively the research problem along with other strategic problems confronting economic development in the Gulf countries. Multilateral institutions offer the best hope of managing them, notes this opinion piece by the secretary general of the European . For example outages in this area of the world also have implications for the mining industry. Class: SSS3Subject: EconomicsTheme: Applied Economics and Contemporary Economic OrganisationsTopic: Economic Development Challenges Energy Supply Crisis in NigeriaElectricity is pivotal to the development of nations. The blame the poor perspective is stereotypic and not applicable to all of the underclass. Economic Development (ED) is associated with improvements in a variety of areas; such as life expectancy, literacy rates and reduction of poverty, etc. This was achieved due to advancement in electronic, electromechanical, digital controls, online microprocessor based controls and use of personal computers and energy conservation software for optimizing the energy consumption and minimizing the energy losses in various places. States, counties, and cities across the United States are reimagining their economic futures. It capitalizes on the capacity of local partners to come up with solutions that address their development challenges. Countries suffering from corruption cannot implement sound distributional policies and thus are not expected to take benefit from sustainable economic development despite embarking upon economic growth from time to time for some reason or the other. The rate at which the population is growing in Uganda in recent years contributes much to the economic challenges facing the country, hence affecting development. Content available from CC BY-NC: 5817398e08aedc7d8968d057.pdf. Others need critical infrastructure that will allow business to locate or expand operations. But increasing aid flows is not enough. The major reason for these outages is the damage done to the overhead lines due to thunder strikes, heavy winds, storms and other disturbances associated with rain. Majority of power system equipment currently in use in various developing countries are obsolete and hence their output has dropped considerably. But, while the near-term global outlook seems rather positive, I would like to mention four risks which could threaten such a scenario: And while we are working on the problems of today, we should not forget that the problems of tomorrow are almost upon us. In particular, we emphasize service to at-risk populations, such as orphans and vulnerable children (OVCs) and people living with HIV/AIDS (PLHIVs). Pre-Requisites or Need 5. Gie Goris visited the country of a thousand hills to better understand the . Organisation for Economic Co-operation and Development (OECD), the peer reviews and economic surveillance, like our twice-yearly, In some countries where housing prices have increased considerably, the effect of, Center for International Development at Harvard University79 JFK St. |Cambridge, MA 02138growthlab_cid@hks.harvard.edu, Copyright 2022 The President and Fellows of Harvard College. There should be a well-defined legal framework to guide all the stakeholders of energy sector. These countries are poised for growth, so you could say the check is in the mail. They just need to keep the growth process going and they face a certain set of challenges in doing so. The June 2020 Global Economic Prospects describes both the immediate and near-term outlook for the impact of the pandemic and the long-term damage it has dealt to prospects for growth. For many countries in the developing world, growth is limited by the size and dynamism of the industries that can sell goods and services abroad. Problems Of Economic Development In Nigeria And Solutions. Structural Transformation/Diversification. Click here to learn how you can get a FREE Bible. "Planning Local Economic Development: Theory and Practice provides readers with a hands-on approach to learning economic development. Project Management for Development. It is in this context that I particularly value this opportunity to meet with parliamentarians like yourselves.