GGH3702
EXAM PACK
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GGH3702
ASSINGNMENT 01
UNIQUE CODE :
567134
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DECLERATION LETTER
Student number : 57611548
I Zanele Mirranda Zimu declare that this assignment is my own work , where
secondary material has been used either from a printed source or from the internet,
this has been carefully acknowledged and referenced in accordance with
departments , I fully understand what plagiarism is and I a am aware of the
departments policy in this regard . I have not allowed anyone else to borrow or copy
my work .
Signature ………………………………
Date 22/02/2024
…………………….
INTRODUCTION
Economic policies play a vital role in shaping the trajectory of a nations development
, particularly in countries of the Global South , however , various weaknesses persist
within these policies , impeding sustainable economic growth , This essay critically
evaluates these weaknesses and offers informed suggestions drawn from existing
literature to foster sustainable economic development in the Global South .
Weaknesses in economic policies across countries in the Global South that
hinder sustainable economic growth include:
Overreliance on Extractive Industries :
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Many countries in the Global South heavily depend on extractive industries like
mining and oil , which are susceptible to price volatility and environmental
degradation , this hinders economic diversification and resilience .Many countries in
the Global South heavily rely on extractive industries such as oils, minerals and
agriculture for revenue , This dependence also makes their economies vulnerable to
fluctuations in global commodity prices and can lead to environmental degradation
and resource depletion .
INADEQUATE INFRASTRUCTURE INVESTMENT :
Inadequate infrastructure is a constraints on growth and impacts quality of life ,
particularly in developing , when the demand for infrastructure services outstrip
supply , congestion or service delivery is low or unreliable and some areas are
simply not served . Countries Insufficient investment in infrastructure ,such as
transportation , education and energy systems , constrains productivity and
impedes economic activities .Poor infrastructure also limits access to markets and
services, hindering inclusive growth , Inadequate infrastructure such as insufficient
infrastructure , including transportation , energy and communication networks puts
limits on productivity and hinders economic diversification , Poor infrastructure also
increases transaction costs for businesses and impedes access to markets ,
technology and essential services .
CORRUPTION AND GOVERNANCE ISSUES:
Widespread corruption and weak governance structures undermine the
effectiveness of economic policies , corruption erodes trust , discourages investment,
and distorts resource allocation , impending sustainable development efforts
.Corruption and weak governance systems undermine economic policies by reducing
efficiency , transparency and accountability ,corruption distorts resource allocation ,
discourages investments and hampers sustainable development efforts .Corruption
has practically spread in almost all walks of public life , it hinders globalisations
benefits from reaching the ordinary people and averts transparency , the vested
interests bend the rules and procedures .
INEQUALITY AND SOCIAL EXCLUSION :
Persistent inequality and social exclusion exacerbate economic disparities and
hinder inclusive growth , limited access to education , health care and financial
services perpetuates poverty cycles and stifles human capital development , people
need to participate fully in the life of their community if they are to flourish and realise
their potential , certain groups in society are systematically excluded from
opportunities that are open to others , because they are discriminated against on the
basis of their race , religion , gender , caste , age , disability or other social identity ,
Social exclusion deprives people of choices and opportunities to escape from
poverty and denies them a voice to claim their rights .
