Boosting the economy is a critical step towards alleviating poverty rates in any nation. To achieve this goal, countries must prioritize the enhancement of their political, economic, and socioeconomic systems, promote peace and infrastructure development, create employment opportunities, engage in land reclamation for agricultural and livestock industries, and facilitate the construction of affordable housing.
Neglecting these areas can lead to an increase in poverty, as seen in many African and Asian countries that continue to grapple with dire poverty issues, primarily due to the lack of stable employment opportunities for their peoples.
Rising commodity prices are a major contributor to poverty, driven by income and expenditure imbalances, high food and clothing costs, accommodation expenses, and healthcare charges. These factors collectively exacerbate poverty levels within society. Disparities in poverty are evident between urban and rural populations, but the majority of individuals in developing and underdeveloped nations face the harsh realities of impoverished living conditions.
Economic growth plays a pivotal role in addressing the poverty problem, yet the choice of economic system can influence its impact on society. It is essential to recognize that poverty, violence, greed, disease outbreaks, and environmental degradation are five adverse consequences of economic systems that can harm both the planet and its inhabitants.
While technology and resources have the potential to provide clean water, food, and shelter for all, the statistics reveal a stark contrast, with just one per cent of the world’s population owning 40 per cent of its wealth, while billions endure hunger and deprivation. Money is the lifeblood of the economic system, driving people into relentless competition to secure their financial well-being and leading some to resort to illegal and unfair practices against their competitors, perpetuating the cycle of poverty.
It is incumbent upon governments to create employment opportunities across various sectors, thereby reducing the struggle for survival among their citizens. A robust job market can gradually diminish the poverty rate within the country. Therefore, authorities must expedite efforts to bolster the state’s economy and encourage private businesses to play an active role in tackling poverty-related challenges.
Addressing poverty necessitates a multifaceted approach that focuses on improving the economy, creating employment opportunities, and reducing income inequality. It is imperative for governments to channel their efforts into these areas to uplift their societies, providing a path out of poverty and towards a more equitable and prosperous future for all.
