Question

what is essential for growth of economy in the country​

Answer 1

And at a high rate, for the good of thecountry and its people. As the thinking goes, growth of gross domestic product (GDP), which measures the goods and services produced in aneconomy every year is essential to acountry's stability and prosperity.
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Answer 2

1. Job creation

Economic developers provide critical assistance and information to companies that create jobs in our economy. We help to connect new-to-market and existing companies with the resources and partners they need to expand, such as CareerSource Central Florida, utilities, and county and city partners.

2. Industry diversification

A core part of economic development works to diversify the economy, reducing a region’s vulnerability to a single industry. While tourism plays an important role in creating jobs in the Orlando region, economic development efforts help to grow industries outside of tourism, including Innovative Technologies and Digital Media, Life Sciences & Healthcare, Aviation, Aerospace & Defense, Advanced Manufacturing, and Business Services.

3. Business retention and expansion

A large percentage of jobs in the Orlando economy are created by existing companies that are expanding their operations. Our economic development team executed 73 business retention and expansion visits to local companies just last year to assist with their operational needs.

4. Economy fortification

Economic development helps to protect the local economy from economic downturns by attracting and expanding the region’s major employers.

5. Increased tax revenue

The increased presence of companies in the region translates to increased tax revenue for community projects and local infrastructure.

6. Improved quality of life

Better infrastructure and more jobs improves the economy of the region and raises the standard of living for its residents.

This week, the Orlando Economic Partnership is joining with other economic development organizations to celebrate International Economic Development Week. International Economic Development Week, hosted by the International Economic Development Council, is dedicated to creating awareness for economic development programs that impact the community and increase the quality of life.

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