Suppose you are finance minister of my country and the country is facing economic crisis,decreasing the GDP of our country. What measures will you adopt to overcome the situation.
Answers
Answer:
As the Finance Minister of a Sovereign Nation, I would first make sure that the contingency fund of the country is enough to become stable for a few months. I prefer not to demand any credit from International Institutions (like World Bank, Other Nations... etc.) and cut of unnecessary expenses from the National Budget.
After we have become stable enough, we start small businesses and startup which have more ideas from the citizens in the International Market. Also open any trade barriers in the country.
I can talk with some Bureau of Immigration and make certain countries' passports visa- free or visa on arrival as the tourism industry can greatly help reviving a falling economy. There are some countries like Macau, Maldives, Seychelles, Bahamas which heavily rely on tourism.
The last thing I could do is to open Foreign Direct Investment for MNC's to invest in for a much lower interest rate.