Reviving World Economy: What are the steps needed?

North America, Europe and Asia Edition: World Economy

The economic status of the globe is an aspect that will forever determine growth and development. Over centuries there have been ups and downs in the global economy that have eventually led nations to experience different scenarios in the consequent years. Reviving the economy of the world is not only the answer to solve the majority of humanitarian problems associated with a lack of resources but it is also a key to draw humanity away from a possibility of a global economic crisis at any stage in the future. 

Here are some measures that can be instrumental in reviving the global economy. Let us look at the economies of North America, Asia and Europe to paint a picture.

North America

The American economy saw the face of the Great Recession about a decade ago. A lot has changed in the economic front since then. Even though it cannot be said that the stature is uplifted to the maximum capacity but a growth rate of more than two percent per annum can prove to be of great significance. Here are few steps that can help aggravate economic growth in the U.S. 

Measures for health care and social security must be undertaken with full vigor. With a well established system to facilitate health care the financial burden in this sector can be reduced. Consecutively, the financial terrain can be made secure in other domain. The same applies for establishing a better immigration system so the needs of the country can be prioritized. This can help the focus of development shift to a debt free and flourishing monitory environment. Corporate tax reforms need to be put in place in order to ascertain that the tax strategy facilitates growth. Furthermore, measures should be undertaken to plan the expenses of the state so better investments can be made for a long term growth.

Asia

The Asian economy is expected to hold a larger share than the rest of the world combined within the coming years. This makes Asia and important center to stabilize economically as the global impact it will have will be significant. The Asian states form important pressure points for growing trade and investment. The trade fragmentation has been a concern for the buckling economy in this sector. The scenario in regional trade is something that needs to be looked at closely with hundreds of local crafts and trades that bring in a large chunk of income. A vital step in reviving the economy in these areas can be employing several economic integration partnerships to make the process more flexible. The trade pacts and the infrastructural investments play an important role here.

China’s economy plays a central role in determining the global strategy owing to its multilateralism. Its contribution to the global growth is likely to rise by almost thirty percent by 2025. The important measure to consider here will be regarding exports, foreign investment and global trade. The Chinese imports strategy will play a big role in the modernization of the economy. Further, steps need to be taken towards the infrastructural and the distribution of resources in order to boost economic growth.

Europe

There has been an evident turmoil with the economical scenario in Europe. While the growth rate remains less the possibility of deflation can cause serious issues. Despite various government policies, there is little that is being done to acquire a larger horizon for growth. Some vital steps to revive the European economy can begin with increasing the infrastructure spending. There has to be an investment in stable projects to be able to trigger the growth of the economy. 

The German economic front is one where a stable growth rate has been observed in the past decade. With a balancing act regarding the budgets there has been a shut down for some possibilities. The government hasn’t been investing in some important sectors which will be very vital for the catalysis of any significant economic growth. Infrastructural and project spending has to be established in order to see any substantial scope for growth.  A similar trend is observed for Ireland where there needs to be more investment in the right areas for the possibility of some solid growth.

Thus, the cumulative growth of all the national economies combined can lead to a deep revival of the economy of the world. Our efforts as small entities can help provide better facilities and a potentially better lifestyle for all sections of the society. A stable global economy is the center for a stable future and a scope for growth and development.

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