In the most recent economic research of the global public sector, social and economic development is the process through which an individual, country, community, or even an area is improved based on specific objectives and targets. The objectives and targets may include economic, social and development objectives, or the improvement of human development, education, health, the status and quality of environment, technology, and resources. While each of these objectives and targets has its own unique definition and characteristics, they all support and compliment each other. The fact that there are numerous objectives and targets associated with development is what makes it so difficult for developing countries to attain the levels of development desired. The obstacles include:
Achieving desired level of economic growth is dependent on the capacity and capacities of an area or country to achieve such growth. To this end, an area or country must be able to sustain and generate the human and physical assets that are necessary in order to implement the development process. This includes: infrastructure development, establishment of productive infrastructure, investment in research and development, creation of employment opportunities, and training of competent personnel. Finally, sustaining and generating the above mentioned assets will depend largely on: governmental support, private sector support, and the ability of the community to ensure a sustainable source of income. While the development goal of every country is different and unique, there are some general guidelines that can be used to assess whether a country is on the right track to realize its economic development goals.
Most developing countries lack the resources that are necessary for sustained economic growth, and experience a low degree of economic stability. Because living standards are low, unemployment and inflation are widespread, corruption is widespread, and the quality of education is low. Despite these challenges, over the years many developing countries have made great contributions to the world, with advancements in technology, scientific achievement, and political stability. This has created a better quality of life for many people around the world who are now living a relatively comfortable and secure life.