Poverty Reduction Strategies in Developing Countries
Poverty is a problem that is evident across the world; however, its greatest impact is felt on developing countries. In order to try and counter the impacts of poverty in developing nations, there are various kinds of strategies that have been applied by the countries. The causes of poverty in developing nations vary from one to another. As a result of this, it should also be expected that the strategies applied in reducing the menace may not be similar. However, there are main ones that apply to a majority of the nations.
One of the strategies that are being applied towards reduction of poverty in developing nations is education. Through education, the population can be enlightened on quiet a number of steps that can propel the masses from poverty. Education can be offered in various ways; encouraging the young to attend school and also holding campaigns aimed at teaching the youth and adults on sustainability. When children are able to attend schools and acquire basic education, they can easily invent ways on how to curb poverty and make their lives better by obtaining employment.
Education can also involve training the locals on the best investment practices and how they should be conducted for profitability. In most occasions, it occurs that people have many investment opportunities that have not been explored mainly due to ignorance. When the population is enlightened on the various investment opportunities and their importance, they will not hesitate to try them out. For example, when locals are taught on the best farming methods, they can begin taking the practice seriously and generate plenty of food for themselves and other nations too.
Another strategy that can help in poverty reduction in developing nations is provision of incentives. In developing countries, a great percentage of the population has got ideas and opportunities that can help in the reduction of poverty. However, they are short of facilitation or ways on how to turn those ideas into reality. For instance, the youth have got skills in farming and other economic activities but are unable to use them in eradicating poverty due to lack of resources. Therefore, if incentives like loans are offered to them, they can go a long way in cutting down the levels of poverty in the region. It is as a result of this that there is an increase in the number of micro financing institutions in developing countries. Such institutions offer credit facilities to women and the youth in order to empower them in areas of business, farming among others.
Encouraging investments is also another strategy that developing nations are applying in order to reduce poverty in their midst. Most governments are today trying to encourage investors to put up projects in order to help in curbing the problem of increasing unemployment. Through foreign investments, developing nations are able to generate revenue for their governments and also acquire employment for their people, thus, averting poverty.
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