(a) Define economic development.
(b) Highlight any three characteristics of a developing nation.
(c) Explain any three measures a country can adopt to facilitate economic development.
(a)Economic development is the sustained increase in the Gross Domestic Product accompanied by structural changes in the economy
b(i) The primary sector is predominant, there is a low level of industrialization low level of technology.
(ii) There is high level of poverty
(iii) There is high population growth rate
(iv) There is low level of literacy
(v) There is poor health and insufficient medical facilities
c(i) Engaging in proper economic planning to efficiently allocate its scarce
resources.
(ii) Accelerating the rate of industrialization through government direct investment, provision of capital by financial institutions.
(iii) Provision of economic and social infrastructures such as roads, electricity, water supply communication networks
etc.
(iv) Human capital formation through the establishment of educational institutions and other informal training.
(v) Adoption of measures to reduce the growth rate of population.
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