Question

Between 1200 to 1500 words, discuss how productivity can be improved in a lower middle income country economy manufacturing sector.

Answer 1

Answer:
Productivity can be improved in a lower middle income country economy manufacturing sector in following ways:

• Focusing on Technology improvement : One of the proficient and prominent way to increase the productivity is to focus on technology improvement and advancement. More the country think to improve technology by which its manufacturing capacity can increase it will have more growth, because technology can scale multi fold with minimum input cost once it's ready.
• Developing Skilled labor : Productivity of manufacturing system also depends on the quality of labor that a particular country or economy have. Better skilled labor an economy have, better will be its productivity so government should focus on developing skilled labor which would be way too productive compare to unskilled labor.
• Liberalization of economy : Liberalization in the economy helps in bringing different ideas and technology from other countries to the host country, which will help in developing the economy and productivity even further.
• Technology transfer by foreign companies : Government should focus on technology transfer as well, when it open its market for foreign companies which will not only help consumer to get variety of product but also to gain new technology to further develop own economy of manufacturing.
• Infrastructure development by government : Government should focus on developing very good infrastructure which not only attract foreign invest but will make manufacturing productive and efficient in the nation.
• Spending more on Human resource development : How smart and wel equipped a country is depends on the intelligence and skill of its citizen, so government should focus specially in developing good skill and knowledge to its citizen.
• Curbing bureaucracy and corruption in government and private sector : Corruption and bureaucracy are the biggest hindrance to economic development and increasing the productivity, so they should not be tolerated and proper rules should be passed and followed against this.
• Government should have free trade agreement with most of the nations : Government should have free trade agreement with multiple countries which will give better platform and bugger market for the companies to sell their product and will motivate them to be innovative to increase their productivity.
• Manufacturing sector to be given more incentive by the government : Special incentive should be given by the government to boost economic sector as well, as the development of the country depends a lot on the manufacturing hub of that country.

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