There are 5 main factors that affect economic growth and development, they include;
(a) Human Resource:
(b) Natural Resources:
(c) Capital Formation:
(d) Technological Development:
(e) Social and Political Factors
According to ThristlePraxis “Economic growth is an expansion in a country’s economy or an increase in productive capacity. It creates virtuous circles of human and nation development, evident in improved quality of lives of the people. Economic growth is a fundamental requisite to eradicating poverty, reducing inequality, ensuring sound healthcare, creating opportunities for quality education for all, building sustainable cities and communities, and attaining just any form of development needed for transiting from a developing economy to a developed one.”
Looking at the above mentioned paragraph, and connecting it with the earlier mentioned 5 factors that promote or affect the economic growth and development of a nation, we must ask ourselves how well we are utilizing the resources available to us.
During the Annual General Conference of the AGC, members of the bar and other distinguished guests will be discussing this topic, as its one of the sessions scheduled to hold during the conference which kicks off on the 25th of October, 2021. It’s going to be a very engaging session so members are encouraged to attend the session and participate.