How can we achieve wealth and well-being without economic growth or finance the necessary changes to make the economy more equitable and sustainable? The ultimate goal of developing countries should be to transition to a world where sustainability and growth go hand in hand to generate a powerful dynamic. Therefore, to achieve this objective, developing countries should prioritize the effective implementation of eco-friendly policies.
LOW-INCOME COUNTRIES’ PROBLEMS
According to the 2022 Poverty and Shared Prosperity report, 648 million people worldwide still live in extreme poverty, which is one of the major difficulties faced by developing nations. This alarming trend will likely persist unless today's leaders create a robust social contract that guarantees access to affordable housing, healthcare, and energy for the bottom one to three quintiles of the population. When people cannot afford to alter to sustainable lifestyles, a vicious cycle of underdevelopment has emerged, causing limited access to reliable energy services, unviable green infrastructure projects, and unfulfilled sustainability goals.
QUALITY OF LIFE, HIGHER GROWTH, AND SUSTAINABILITY
In nations where poverty is a significant problem, sustainable development can be achieved by implementing measures to improve the living conditions of the impoverished population. This approach will later empower them to be capable of taking GREATer care of their environment. Secondly, it is also essential to promote economic growth, as this strengthens consumer confidence, spending, and demand—all of which are critical elements for attracting investments and funding sustainable development projects. To be more exact, governments should strive to boost higher productivity. This involves generating employment opportunities and raising earnings because the transition to sustainable alternatives can be financially supported by economic growth. At last, governments must ensure that basic necessities are accessible to a sizable portion of the populace through proper regulations.
It is vital to recognize that poverty issue is a major obstacle for developing countries to effectively implement sustainability initiatives. Thus, economic growth and quality of life become the crucial factors driving investments and enabling people to engage more in transformative green alternatives.
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