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Jun
Importance Of Local Economic Development. The local state and other external stakeholders to achieve sustainable economic growth and development that brings an improved quality of life for all 2 This definition. The concept of local economic development is based on promoting local approaches that respond to local needs and conditions. Focusing on local economies in development work is crucial because local economies are the only true economies. Local development makes an important contribution to national economic performance and has become more critical with increased global competition population mobility technological advances and consequential spatial differences and imbalances.
It is a systematic approach to building thriving communities by improving the overall quality of the local economy. Local development makes an important contribution to national economic performance and has become more critical with increased global competition population mobility technological advances and consequential spatial differences and imbalances. Reese and Raymond A. Local economic development LED is seen as one of the most important ways of decreasing poverty. As argued by Harvard political scientist Paul Peterson in his influential book City Limits local governments are primarily interested in maintaining the economic vitality of the area for which they are responsible. LED is an important perhaps the most important key to sustainable growth the reduction of poverty the elevation of indices of well being of a people and society.
Economic development is a process of targeted activities and programs that work to improve the economic wellbeing and quality of life of a community by building local wealth diversifying the economy creating and retaining jobs and building the local tax base.
Local economic development goes beyond simply planning future land use and zoning by-laws at a city level. The main aim of local economic development LED initiatives is to encourage local participation and consensus building to determine economic and social welfare initiatives for the locality and the community. The concept of local economic development is based on promoting local approaches that respond to local needs and conditions. Economic development is a. Its about creating jobs securing livelihoods improving infrastructure and managing local resources. Focusing on local economies in development work is crucial because local economies are the only true economies.