Question

Regional economic development program or strategy that a regional authority can implement.

Answer 1

Regional development structures changes from time to time. To make a good economic development strategy, it is necessary to understand the regional economic structure of the said region by analysing the trends and developments. The main objective of such an economic analysis is to know more about the region's economic profile, its strengths and weaknesses.

The goals of regional economic development are to generate more jobs, increase incomes, trying to reduce poverty and improving the quality of life of the people in the said region.

So the regional development programme must be strategised in such a way that these goals can be achieved. Such local economic development policies are strategised by the local authorities. The regional economic development programme must focus on,

• Social Development - Poverty alleviation programs, employment programs, youth development programs, sport encouragements, education programs, etc can be included
• Economic Development - Creating opportunities for local and small businesses to grow, promoting local products and services, etc
• Infrastructural Development - The shortage of infrastructure or improvements in existing infrastructure must be understood and programmes to built them must be done
• Environmental Development - Pollution control activities, encouraging more use of renewable sources of energy, more tree plantations, etc

These are few programmes or policies that can be designed by local authorities to help with the economic development of the region. These activities can be designed in such a way that the social cause for the programme is also fulfilled and it creates jobs fir people. The main objective here should be to increase the living standards of people and to make the locality a peaceful place to live.