Economic Management in Developing Economies: Strategies for Sustainable Growth and Development

Abstract

This study delves into the economic management strategies that foster sustainable growth and development in developing economies. With the dynamic and multifaceted nature of these economies, there is a pressing need to identify effective strategies that can address the unique challenges they face. This research employs a case study approach, analyzing economic policies, development programs, and governance models in selected developing countries. Data were gathered through in-depth interviews with policymakers, economic experts, and key stakeholders, complemented by a comprehensive review of relevant economic reports and literature.

Findings indicate that successful economic management in developing economies hinges on a combination of robust policy frameworks, effective governance, and inclusive development strategies. Participants highlighted the critical role of transparent and accountable institutions in fostering economic stability and growth. Moreover, the study reveals that integrating sustainable practices into economic planning, such as prioritizing renewable energy and sustainable agriculture, significantly contributes to long-term economic resilience.

The research identifies several key strategies for sustainable growth, including diversification of the economic base, investment in human capital, and the implementation of innovative financial mechanisms to mobilize resources. However, challenges such as political instability, inadequate infrastructure, and limited access to technology remain significant impediments to achieving sustainable development.