Economic Growth | Questions-Answers

Running head: ECONOMIC GROWTH
ECONOMIC GROWTH
Name of the student
Name of the University
Author’s Note:

ECONOMIC GROWTH1
Table of Contents
Answer to question 1:......................................................................................................................2
Successful industrial policy.............................................................................................................2
Key factors making industry policy successful...............................................................................5
Answer to question 2:......................................................................................................................8
GDP is not a measure of sustainability –.........................................................................................8
Sustainable development goals......................................................................................................12
References......................................................................................................................................16
Bibliography..................................................................................................................................18

ECONOMIC GROWTH2
Answer to question 1:
Successful industrial policy
Industrial policy can be defined as a development in economic growth in different sectors
with the efforts made by a country. The state has to take some strategic initiatives to encourage
the development of the economy. In simple words, the state can make any decision to get better
prospects for the economic growth of a country. The Economic growth of a nation depends upon
the productivity of more goods and services with the same input. Industrial policy is design to
increase the economic development of a state that creates financial wealth for all citizens. It is a
funded program that encourages the private and public sectors to develop new technology and
build new industries. These policies might save the industries and increase the GDP of a country.
The Government carries these programs in different and many ways. Most of the time,
these policies favor the growth and development of the economic sector. But, the question arises;
do these policies work? All industrial countries need more resources to carry the function of
these industries and develop their growth in the industrial sector. Industrial policy means
different to different people, and people perceive it on their own experiences (Maloney (2018)).
Many people argue the policies of Government and raise their concerns as the owners of
industries are not favoring the ideas of state owners. The owners simply want to earn and make
money. They do not follow the instructions of policymakers who put forward a framework
according to the need of a domestic people. The firmer side of the argument might be raised that
the local industry could get their profit on low production costs. These short versions are based
on global interest.

ECONOMIC GROWTH3
Successful Industrial Policy
Industrial policy is an essential tool used by the Government to promote economic
development. To become successful in the commercial and industrial sectors, the state has to
take some reasonable and sensible decisions that must results in the progression of a country at
the domestic, national, and international levels. Many countries implement successful industrial
policies that developed their nation in many ways. The US is one of the countries that raise their
per capita to 63 percent. These high growth rates help them to reduce the poverty level from the
state.
It is essential to introduce new structural economic policies that should help in the
development of the industries. NSE proposes the three factors that should be available to
increase productivity. These are; labor, capital, and natural resources. The optimal industrial
policy is that which should be competitive economic structure at any given time. These policies
can be analyzed by getting the annual report on productivity and cost. On that basis, the results
can be analyzed.
The Government of Malaysia takes the initiative to develop their nation. The industrial
policy of Malaysia named as 4WRD, encourage industries to rely more on technology and with
the help of technology boost industrial productivity. This policy aims to reduce poverty from the
country and plan to propel the economy. This policy hopes to raise the economy by 54 percent to
RM392 billion by 2025 (Leong 2018). But, to counter this, there are many ups and downs in
other areas as well. The Government needs to put its focus on all sources to develop their
country.