Question

Politicians often claim that their policies will promote long-term economic growth. What are some of the obstacles that make this outcome unlikely?

Answer 1

Some of the obstacles are -

• Shortage of Human capital- Due to the lack of proper education system and vocational education, the skills required to increase the efficiency of an economy is lagging, which is why the policies are less effective.
• Poor governance- The politicians may often brag about the policies they are going to implement, however the lack of proper monitoring or governance may lead to failed policy implementations.
• Corruption - Due to an increase in corruption in every sphere, development maybe neglected and long term goal of economic growth maybe hindered.