Some potentially effective strategies for economic development in middle- and low-income countries

Sufficiently extensive micro-loan and small-loan programs, from non-profit, for-profit, and government sectors with prudent policies and oversight.

Facilitation by and support from government, non-profit sector, and academia – for development and dissemination knowledge transfer material – e.g., posters, quick-start guides, short-videos – that provide training and support to micro and small entrepreneurs to be successful in their endeavors. Such material should provide technical and vocational knowledge and skills, such as how to keep your chickens healthy. Such material should also provide entrepreneurial skills, such as – how to market your product effectively and efficiently, how to reach internal and international consumers by various means including the internet, what are enterprises may be most in demand; how to coordinate with other entrepreneurs and form groups and coops, how to expand, and how to link your micro or small enterprises to the production chain of larger enterprises, where that is applicable, increases efficiency, and creates win-win results.

Facilitation by and support from government, non-profit sector, for-profit sector, and academia – for the development of training and support for continually improving quality of products from micro and small industries – including the contexts of utility, durability, refinedness, and aesthetics (such as quilts and pottery having aesthetics that increase their demand internally and internationally).

Dedicatedly monitoring and supporting agricultural sector and rural area economic activities through improved infra-structure and logistics such as roads, transports, and cold-chain storage facilities, focused small agricultural grant and minimal interest loans, price support, widescale availability of broadband, expanding digital infrastructure and support such as mobile banking, consultation, and marketing, funding and policy support for agricultural research and innovation, development and dissemination of agri-tech solutions such as soil sensors, and expanding solar energy solutions.

Rigorously fostering the development of and broadscale adoption of small- and large-scale innovations and technological improvements. Strategies for this can include things such as small, medium, and large innovation grants and loans, mandated widescale technology adoption such as with regard to electronic health records and fintech, requirements for data compilation and sharing, and funding academic tech research and development. Any broadscale innovation adoption that can cause relevant decreases in labor demand should be paired with specifically targeted policies and program to mitigate/alleviate the deleterious impact.

Infrastructure development ensuring quick and easy connectivity between all points in the country by road and rail. Availability – electricity, natural gas, and gasoline – that is accessible all levels of entrepreneurs to sustain sufficiently positive returns.

Mitigation, oversight, and prevention of unfair business practices and removal of corruption in the government.

Continual rigorous and broadscale research on what policies, economic supports, and incentives are succeeding, which should be moved away from, and which new ones should be implemented. There should also be flexibility in central and local governing bodies, institutions, and policies to can make adjustments when sufficient evidence demands it.

Facilitating large scale foreign investment through the creation of the environment to attract foreign investment, such as establishing special economic zones, tax incentives, streamlined and simplified regulations, more educated and trained internal workforce, improved law enforcement and security, improved transportation and communication systems, robust digital infrastructure, reduced pollution and clean environment, and encouragement and strict protection of an inclusive and open-minded social environment. Also, large scale foreign investment should be paralleled with the host government’s uncompromisingly dedicated reinvestment of a substantial part of the additional public revenues that are generated into internal education, innovation support, and supporting medium and large entrepreneurial initiatives.

Mass scale rigorous math, science, civics, and sociology education through mandatory completion of 10^th grade for every child, with access to good quality free public schools, and opportunities for completing a Bachelor’s degree at a minimal cost for anyone making a reasonable effort to do so. In addition, sufficient opportunities need to be available for students to complete Master’s degree or higher, regardless of their economic situation.

Backward linkage development of key industries that can be sustained through the internal market and/or external trade. Diversity in suppliers of raw and intermediate goods as well as consumer products.

Strengthening the fishing industry, where applicable, by supporting independent fishermen and small fishing enterprises through coordinated efforts of government, NGOs and non-profits, and private sector to provide housing, marketing, and logistics support, children’s education, healthcare, improved fishing and safety equipment, and training.

Large-scale hiring and investment in environmental clean-up and beautification programs at local levels with central support.

Aggressive and focused development of tourism sector through private and public partnerships ensuring environmental clean-up and maintenance, public security at all times, open and inclusive social norms that are protected by laws and law-enforcement, and modern and safe transportation.
Dedicated support from government, non-profit, and private sector for small and medium enterprises focusing on data science, AI, computer hardware systems, bio-medical computing, bioengineering, and laboratory science