Whether it’s a developed country like Canada or a developing nation like the Philippines, how advanced a country’s economy is affects its standing on the global stage. Economic standing matters because they give an idea- albeit general- of how wealthy or how dynamic a country is. Although it is definitely not the only rubric that matters, economic systems and policies undoubtedly affect everyone in the world. Read on for a more in-depth exploration of what economic action plans are and why they matter.
An economic action plan is a comprehensive plan that targets economic policy or reform. Its aim is to boost economic activity by outlining strategies and plans that address various concerns such as livelihood, infrastructure, trade, commerce, etc.
According to an online article by Investopedia, the United States and China top the list of the World’s Top 25 Economies. The economy of the United States is the largest based on its nominal GDP measurement amounting to $21.43 trillion.
Whether a nation is considered a developed country or a developing country, economic policies may be similar or can vary from state to state. The political landscape of a country may also be an important contributing factor in the determination of an economic model. In other words, a democratic country may hold different positions and plans compared to communist nations when it comes to their economic framework. Even if countries differ in approach and belief, there are some basic ideals that can contribute to a truly sustainable economic action plan.
Support small businesses. Many nations around the world have adopted either a total or partial form of a capitalist economy. However, unregulated capitalism in recent decades has contributed to rising inequality rates and an ever increasing gap between the very, very rich and the poorest of the poor. Big businesses help create jobs and spur economic activity; but it is also important for an economy to support small and medium-sized businesses. Not only is this fair and needed for a fully functioning economy, it also invites competition and promotes innovation. When cities and localities support small businesses, it frees up the playing field and more people can participate in the building and sharing of wealth. Promote fairness. A country with fair and just economic policies in place is good not only for the collective society but for individual persons as well. A country that has the best interest of the ordinary and common citizen in mind will come up and enact laws that promote fairness, transparency and honesty. An economic action plan that is rooted in just and upright principles may help prevent ill-meaning individuals or groups from taking advantage of the system. Although this is easier said than done, it is just as important to uphold the highest ideals and resist any cynicism when it comes to the economic development and progress of a nation. Share best practices. In today’s highly globalized world, it has become easier to share knowledge and information across borders and countries. Add that to the ease and convenience of digitalization, it is safe to say that the present is the best time to share best practices. To achieve this, economic committees or advisers must be aware and knowledgeable of the different economic systems and frameworks. Those who are tasked to draft an economic action plan must have far-reaching knowledge and expertise in various socio-economic theories and practices. Introducing best practices and proposing it in a comprehensive action plan will ensure that it is a solid and reliable plan. Consult various stakeholders. An economic action plan is not created by one person alone. It ought to be a collaborative effort made between various stakeholders. It is for this reason that solid economic policies require consultation from different groups and sectors. A country’s economy concerns all citizens, regardless of status or background. Thus, people should be able to participate in the process. Depending on the kind of government or politics of a state, the consultation process or approach may vary but the goal remains the same. Most democratic nations try to uphold a consultative type of governance that always strives to seek the people’s opinions and majority vote at all times. Make inclusivity a priority. There may be dizzying economic growth and progress in a country, but a critical question to ask is this: who benefits from all the growth? Inclusive growth has been a hot topic among nations in recent years. A country may see exponential growth in wealth and income, but people in the lowest brackets do not feel the prosperity trickle down to their level. Only the upper crust of society has gained and benefited from the economic prosperity and progress. This scenario is, unfortunately, a common picture in dozens of countries. When a society fails to keep capitalism in check, it can have very dire consequences. Not only is wealth unevenly distributed, the poor and the marginalized only get alienated further. To temper unfettered capitalism, economic policies should be made inclusive in order to allow more people to participate and benefit from it. Think sustainability. The reality is that the earth is finite and its resources are dwindling. Failed economic policies in the past were born out of the false idea that there will always be an unlimited supply of resources. Whether it is oil, water, minerals, trees or even livestock, serious consequences await if people continue to mindlessly take and drain everything without thought. Unless people see and understand the risk of losing these precious resources, then there will be dire consequences such as food shortages, environmental degradation and supply chain problems. Thus, it is important for an economic action plan to long-term oriented. If people want to prevent the previously mentioned problems from happening, then nations and governments must commit themselves to sustainable economic practices.
A country’s economy is a broad and vast topic that requires careful planning and execution. Countries may have similar principles but differ in policies and procedures. The following are several sample economic plans and strategies that can be discussed deeper and further explored.
Crafting an economic action plan is no easy task. It can take multiple sitdown sessions and consultative meetings to finalize an agenda and actually write each section down. The format and structure of the action plan may vary depending on the needs of the committee, but there are simple steps on creating a basic and straightforward economic policy plan. Follow the guide below to get started.
The first step is determining what your objectives are for creating such an action plan. What are your goals that you wish to achieve with the creation of your economic action plan? To do this, you need to have a good grasp of the values and principles that you uphold. This will set the tone of the economic framework you and your co-authors will adopt. For instance, if you value fairness and equity, your objectives might revolve around inclusive employment and accessible livelihood. Or if your values are aligned with environmental conservation and preservation, your economic policies and procedures will not support anything that stands in contrast to your principles. Knowing where you stand and what your boundaries are vital factors when setting objectives and establishing goals.
The economy concerns all people and is meant to encompass everyone in a functional society. So it is only reasonable to identify and involve all stakeholders in the Planning Process. Of course, the democratic way of achieving this would be to hold multiple consultations and meetings. But the main point of doing such is to get everyone’s input, no matter how miniscule. It can be a long and tedious process but it is a necessary one. There is too much at stake for just one group of people to determine the economic course of a society or country. Representation matters and it is important for all stakeholders- communities, business groups, advocacy groups, etc.- to be heard and be allowed to participate in the process.
Economics is a broad and complex discipline in which there can be several ways to interpret certain theories and economic practices. For an economic action plan to take form, there should at least be a sense of structure for it to make sense or for there to be a Basic Argument. Developing a framework or lens through which you view policy and make decisions is a necessary step in coming up with a comprehensive and compelling action plan. There are several existing economic models that you can consult and subscribe to; but the important thing to remember is that these serve as a basis for building your arguments. And like any action plan, you want to build strong arguments for your case.
A sound economic action plan is not all about persuasive arguments and educational information. There must be hard data and statistics to back your claims as well. You can incorporate relevant graphs, charts and timelines into your action plan. Having these may also help convey your plans and strategies better. In addition to figures and numbers, you also need to put in place a monitoring strategy to track the progress and development of your action plan. Having these tools in your economic action plan can help you craft a much more detailed execution plan.
An economic action plan is a comprehensive and detailed plan that aims to boost economic activity and investment, fuel trade and commerce and also address economic issues such as unemployment, inflation, etc.
To craft an economic plan, you need to lay out your objectives, identify the stakeholders involved, use a framework that enables you to craft economic policy, then prepare the necessary tools and data to support your framework or strategies.
There are many examples of economic strategies; one only needs the right determination, will and innovation to implement them. Some of these examples could be training communities in new and rising industries, encouraging citizens to be entrepreneurial, or offering federal loans to put up small businesses, etc.
Economic development is a major concern of any modern and functioning society. The more important thing to consider is whether or not economic policies can benefit everyone in society, not just one or a few groups. And it essentially boils down to crafting an economic action plan based on strong values and moral principles. Browse the sample action plans above to get started on your own today!
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