Which development strategy is associated with creating jobs and encouraging economic growth?

Which development strategy is associated with creating jobs and encouraging economic growth?

• A. Debt Relief as a development strategy
• B. Fairtrade as a development strategy
• C. Industrial Development as a development strategy
• D. Microfinance as a development strategy

Answer: (C)

Industrial development is the approach that aims to expand manufacturing, infrastructure, and related industries to boost employment and drive overall economic growth. By building up factories, improving energy and transport networks, and attracting investment, many jobs are created across different skill levels, and productivity rises, which pushes GDP upward and diversifies the economy. Debt relief can help a government fund development, but it doesn’t directly generate broad job creation or industrial growth. Fairtrade focuses on better prices and conditions for specific producer groups rather than scaling up national employment. Microfinance can help individuals start small ventures, but its impact is typically on a smaller, micro level rather than driving large-scale, economy-wide growth through industry.

Industrial development is the approach that aims to expand manufacturing, infrastructure, and related industries to boost employment and drive overall economic growth. By building up factories, improving energy and transport networks, and attracting investment, many jobs are created across different skill levels, and productivity rises, which pushes GDP upward and diversifies the economy.

Debt relief can help a government fund development, but it doesn’t directly generate broad job creation or industrial growth. Fairtrade focuses on better prices and conditions for specific producer groups rather than scaling up national employment. Microfinance can help individuals start small ventures, but its impact is typically on a smaller, micro level rather than driving large-scale, economy-wide growth through industry.