Advantages of Sustainable Development
In the current economic research of the private sector, social and economic development is the primary method by which a country, region, community, or an individual’s quality of life is improved based on identified goals and objectives. The most important drivers of this process are social policies and programs that aim to promote participation of people at all levels of society in the decision making process and the improvement of living standards. The types of programs and policies vary from one polity to another, but they usually include some elements of direct action and the promotion of public goods and services. For instance, programs focused on enhancing employment opportunities and wages; programs aimed at children and families; and programs focused on senior citizens.
To make sure that the sustainable development agenda of governments and other organizations is attained in the long term, it is important to strengthen the capacity of local and regional governments as well as of the international community to address these issues. The main elements of sustainable economic growth include sound management and decision making, efficient use of natural resources, and appropriate use of education and training opportunities for the younger generation. The need for sustainable economic growth is pressing because it has been proven that continued economic growth leads to more stable and better economic conditions. Also, people tend to feel that they have an interest in the improvement of their lives and in improving the quality of the lives of others. Thus, sustained economic growth is closely linked to the level of social support in a society. This supports the commitment towards development and sustainable economic growth among people.
There are many examples of successful sustainable development strategies, which have been adopted by various countries over the past two decades. These include those of South Africa under the Leadership of former President Nelson Mandela and his Economic Planning team. In their strategy, the government sought to improve overall economic performance through investment in infrastructure and jobs. They also sought to increase productivity and reduce the negative externalities such as pollution, waste disposal, and land speculation. Also, they were able to increase the income levels and improve the living standards of the poorest sectors of the population. Overall, this led to long-term positive economic growth, with an increase in per capita income, better health and nutrition, and an increased sense of security and independence.