Nation’s Requirement For Improving Socio-Economic Growth.

No doubt, many developing nation hasn’t been able to improve their economic growth for decades, simply because they weren’t leveraging on the right information needed to harness such. There are 8 proven factors to be responsible for improving a nation’s socio-economic growth when transitioning from a developing economy to a develop economy.

• An accurate number of citizens in the country.
• Percentage of population with high income earning.
• Percentage of population with medium income earning.
• Percentage of population with low-income earnings.
• Percentage of population who are working-class within the nation’s economy.
• Percentage of population who are out of jobs and why they are out of jobs.
• Accurate Birth and growth rate within the nation’s economy.
• Percentage of Educated citizens (Professional & Skilled).
• Percentage of Uneducated citizens (Unskilled & Unenlightened).

Accurate data analysis is one of the key steps to growing a nation’s socioeconomic, as no problem is rarely solved within any nation in isolation of accurate data. Thus the need to put in place a robust database for a nation’s economic problem. 

1. An accurate number of citizens in the country: One of the key assets to any nation around the world is its population. To nations who understood the role of population as an asset, they leverage the population data as a tool for their economic growth. Meanwhile, many developing nations or countries rarely have accurate data as a tool for their economic growth. So, for a nation to transform successfully from a developing or underdeveloped nation to a developed nation, such a nation needs to have accurate population data of citizens at every instance of time (i.e real-time), with the detailed information required for socioeconomy growth.

2. Percentage of population with higher income earners: No nation had ever been considered developed without understanding the role high-income earners played in socio-economy growth. Many policies to grow a nation’s socio-economy can not be effectively put in place without the knowledge of accurate information about the percentage of high-income earners in an economy. The developed nation understood the significance of the information and thus was able to implement policies to bridge the gaps within their socio-economy. Many problems within developing nations’ socio-economy are rooted in the non-availability of accurate data, to make effective decisions in bridging the gap between their citizen.

3. Percentage of population with Medium income earners: It is also important to have accurate real-time information on the population’s percentage with medium income earnings. This information is very important to growing a nation’s economy. It is always often a thin line between falling off from medium-income earnings to low-income earnings, and when a nation doesn’t give attention to the population drop threshold from medium to low earnings over a long period, it would by extension lead to a negative impact on their socio-economy. Meanwhile, when such accurate data is put in place, it would help the government to have an incentive put in place to help medium-income earners (Who dropped off to low-income earnings) to regain foot after any form of inflection point that could result from natural disaster, or general economy mishap.

4. Percentage of population with low-income earnings: To improve any nation’s socio-economy growth, it is important to know the percentage of the population who are low-income earners. When a nation knows the accurate percentage of the population of low-income earnings, it would be much easy to understand what needs to be done to make transition from low-income earnings to medium or higher income earning. Take for instance two nations, one had accurate real-time information that 40% of her population had been on low-income threshold for a period of 4 years, and thus, put in place the needed policies that would reduce such low-income earnings from 40% to 30%. Meanwhile, the second nation with no accurate real-time information, would not be able to know how best to utilize policies to improve the nation’s socio-economy growth in transitioning citizens with low-income earnings to higher-income earnings.

5. Percentage of population who are working-class within nation’s economy: It is also very important to know how many percentages of nation’s population are full time working class within government agencies, parastatals, and those who are working-class within private organizations. Such data gives the opportunity to implement policies that would contribute to the socio-economy growth of the nation.

6. Percentage of the population out of Job yearly: One thing I have found peculiar to developing countries is the fact that, they don’t have data on the number of their populace who are out of job yearly. When a nation doesn’t know “WHY” her populace is out of a job, they wouldn’t know the “HOW” to help the populace get back into the workforce. It is a known fact, for every populace out of job, it has a chain connection with the nation’s economic growth, and when records of such data is not kept, it becomes difficult for a nation to improve its socio-economy condition effectively.

7. Percentage of Birth & Growth rate: To improve a nation’s socio-economic growth, it is important to have a real-time population growth rate at every instance of period, rather than having a generic value of birth rate. When you have accurate birth rate data, the nation can easily prepare for economic growth and make accurate forecast of the economy right ahead of time, a good example had always been observed in developed countries whereby they were able to predict future workforce shortages, as their birth rate is tremendously low over a certain period. Thus, they often put in place policies to attract foreign workforce to come into their country toward solving any employee shortage well in advance.

8. Percentage of educated citizens (Professional & Skilled): How many of your nation’s socio-economy populace are professionally and skillfully educated, isn’t something to be guessed by any nation’s leadership. Without knowing the accurate number of educated citizen, a nation wouldn’t be able to know the impact of each profession or skill on its economy. There are certain professions or skills, which are key movers in a nation’s economy and those which you needed less, toward economic growth. There are instances in which the nation’s populace isn’t developing the right profession for economy growth, simply because they don’t know such professions are relevant to their economic growth. Hence, it is important to have an accurate percentage of educated citizens and the role each profession plays in your nation’s economic growth.

9. Percentage of uneducated citizens (Unskilled & Unenlightened): Every nation needs to know what percentage of her populace are unskilled and unenlightened. The higher the number of unskilled and unenlightened within a society, the more problem such a nation have to face. Not having the accurate data record of such a population class makes it even harder to solve. Without knowing why a certain percentage of the populace are unskilled makes it challenging to provide solutions toward making them skillful or enlightened enough to contribute positively to the nation’s socio-economy growth. When you take a deep look into many countries around the world with instability, you would realize that many of those instabilities are from the percentage of people unskilled or unenlightened, who as a result of perceived injustices, chooses the path that does more damage to the nation’s economic growth. So, growing a nation’s socio-economy growth requires that the nation have accurate data on her uneducated citizens and channel the needed resources toward helping them become educated either by having a professions or skills.

No doubt, growing a nation’s socio-economy can be very challenging. Meanwhile, when you take the first step of adopting the implementation of the above nine socio-economy growth factors, you will be able to leverage the nation’s accurate data toward effective economic growth.