Question

Why is it important to protect the key sectors of Energy, Transportation, Telecommunications, Financial?

Answer 1

Ans) The energy sector includes corporations that primarily are in the business of producing or supplying energy such as fossil fuels or renewables. The energy sector has been an important driver of industrial growth over the past century, providing fuel to power the rest of the economy.

- Transportation sector: Because of its intensive use of infrastructures, the transport sector is an important component of the economy and a common tool used for development. At the aggregate level, efficient transportation reduces costs in many economic sectors, while inefficient transportation increases these costs.

- Telecommunication: Telecommunication is an important tool for businesses. It enables companies to communicate effectively with customers and deliver high standards of customer service. Telecommunication is also a key element in teamwork, allowing employees to collaborate easily from wherever they are located.

- Financial: Financial sector development can help with the growth of small and medium sized enterprises (SMEs) by providing them with access to finance. SMEs are typically labor intensive and create more jobs than do large firms. They play a major role in economic development particularly in emerging economies.

An efficient financial sector reduces the cost and risk of producing and trading goods and services and thus makes an important contribution to raising the standard of living. They demonstrate the potentially detrimental effects of regulation on both the financial structure and the real economy.