Statistical forecasts and assessments regarding economic developments of nations around the world are issued on every threshold of New Year. Although these annual forecasts of economic growth somehow reflect on timely economic activities of countries, the repercussion of development and prosperity of the countries around the globe cannot be accurately defined in due course of time. Surprisingly, some of the statements are concocted statistical forecasts hyped for purposes of PR exercises with a view to providing distorted image. Where natural resources are discovered in any given nation, the statistics of economic growth might be blown all out of proportion. Whereas many countries have experienced variable economic progress, such forecasts do not guarantee the sustainability of prosperity. In order to come up with the right explanation, therefore, the real benchmarks of economic development require a comprehensive review.
Capital, ever expanding pragmatism and human resources both in quantity and quality, upgrading the productivity, management and capability for proper harnessing of natural resources, transfer of technology, increase in demand and supply as well as economic security and stability and the resulting repercussion are the major factors that fully explicate the development of any nation.
In order that the accomplishment, compounded by socio-cultural development, would give rise to further prosperity, any economic growth must be a lasting one on top of the aforementioned factors. If the effects of economic growth are not felt by all sections in a given country, it amounts to a shaky development, which eventually leads to a startling scenario. Equitable economic growth, whose effect is felt far and wide, is, nonetheless, believed to be sound and well-established only when this equitable distribution is coupled with proper utilization of natural resources under such state of affairs.
Benchmarks the Cabinet of Ministers of Eritrea has set in a meeting held last week are well-founded and objective points of reference that enable to conduct assessment on the accomplishments scored thus far, as well as to map out future action programs of all sectors, thereby providing full picture of the envisaged development package. Indeed, the assessment by the Ministerial Cabinet vindicates the fact that Eritrea has been witnessing unremitting economic growth in the face of thwarting acts of conspiracy.
As a result, Eritrea is now among the ranks of nations that are expected to achieve remarkable economic growth in 2013. What makes this accomplishment quite distinct is that Eritrea is registering the said achievement despite a myriad of acts of hostility. Needless to say, economy that managed to thrive without any obstruction and that which prevailed over all acts of conspiracy can by no means be one and the same. It is quite natural for any thriving economy that surmounts all challenges to guarantee sustainability vis-à-vis the economy propped up by aid handouts. In view of this fact, Eritrea’s economic growth holds good prospect of sustainability. Such accomplishment primarily counts upon popular industriousness and judicious policies.