The term ‘economic and social change’ is associated with the economic growth of any state. Though the overcoming of poverty or making any development is just not dependent on economic progress, it is one of the significant role-playing factors for the same. Making progressive economic policies, social development, and other accountable activities, help to empower people and improve their living. We will see the challenges and development results in the economic and social changes within a region.
Challenge and solution for a sustainable development result in a country
For a significant result economically and socially, it is required to create a balance of current and future generation needs. The third critical factor in that is the ecological growth which is also a global concern too. To gain an abiding development, social sustainability is a significant aspect. The explanation of growth and change in different cities and countries is a great challenge.
When we see within the developing countries, urban or regional development can be seen as an integral part of the economic and social growth of the whole country. Such frames were references with the accordance of how developed countries generate the economics of their urban system at the time of their development. This kind of derivation helps to achieve long-term growth for changing and improving the lives of poor people in a country. The reports from IDA (International Development Association) and IBRD (International Bank of Reconstruction and Development) derived that the right economic policies play a significant role in overcoming poverty and other social development. There are factors like inequality based on gender, cast, ethnicity as well as violence, fragility, and conflicts which create hurdles in the social and economic developments. Also, the corruptions in some Government departments affect the development of society and nation.
Many clients of the World Bank face such kind of challenges like social inequality and vulnerable policies which define the development paths of their countries. The fragility of the society, state, country, and region and the connection of poor people; increased urbanization impact on the social and economic growth. The work of the World Bank includes support to the social and economic development of the poor and excluded people and to provide them with equality in both the personal and professional levels.
Progress of new dynamics for economic and social growth
There are two branches of spatial economics evolved; NEG (New Economic Geography) and NNUE (New Neoclassical Urban Economics). They help to create inter-regional sets of spatial equilibrium models. In the last decade, both of these approaches have had significant achievements in terms of trade costs, open economy standards, worker mobility, and security of small foundations.
IDA and IBRD also funded some social development projects in different countries like India, Bangladesh, China, Uganda, and Columbia to build social development through analytical work, policy-making strategies, and consultations. Also, a practitioner’s course on Involuntary Resettlement has been developed and integrated into the university education programs.
Through all such programs and policies, different sectors including global and national banks continuously make efforts to bring the voices and concerns of needy people into the development process. That will eventually help to overcome poverty, insecurity in urban areas, violence, informality, deprivation, and human dignity. As a result, there will be a steady development growth in the social and economic standards within a country as well as a whole region.