Economic Development

Economic development has been described as “the most powerful instrument for reducing poverty and improving quality of life” (OECD). While economic development most notably seeks to address employment and financial stimulation of the economy, it also seeks to improve a variety of areas such as literacy rates,social inclusion, life expectancy, and poverty rates. Positive growth can create a cycle of prosperity. This success, however, is fully dependent upon the level to which a community, especially those in poverty, participate in the process and have access to the benefits. This has been a shortcoming of many countries and communities. These ideas are further explored in this section.