Prosperity and the Key Strategic Areas in Economic Development

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Why Prosperity?
Prosperity is a primary goal for all countries, particularly those in the Global South. Many of these nations have developing economies and yearn to be like the developed countries. The economic success of some countries in Asia, such as China and South Korea, has become enough to prove that economic growth is possible in the Global South and not just in the western nations. In that light, countries in the Global South know that economic prosperity is the only thing that can make them be recognized worldwide and contribute to addressing global issues, such as poverty.
According to the World Bank, shared prosperity constitutes two primary elements: equity and economic growth (The World Bank). Specifically, when one says that countries in the Global South have the goal of prosperity, it means that they want to create employment opportunities, promote justice, equality, and seek economic growth by participating in international trade. All these factors make a country highly recognized since it begins to eradicate issues, such as poverty. Global South countries want to prosper so that they can maintain economic growth to support their rapidly growing population. They also want to improve individuals’ living standards. Due to high poverty levels in some nations in the Global South, economic prosperity will enable them to uplift the bottom country’s population.
The five key strategic areas in economic development include reducing poverty, eliminating inequality, creating jobs for the growing population, education, and technological infrastructure. For example, let’s consider China, a country in the Global South, which is on the road to economic prosperity. China is one of the countries with a large population of about 1.398 billion people. Indeed, it has created jobs for its citizens, particularly due to improved technological infrastructure that has made many large organizations in the United States of America (USA) outsource jobs there....