Why is regional development necessary ? Discuss its far reaching implications.
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Answer:
Regional development is a broad term but can be seen as a general effort to reduce regional disparities by supporting (employment and wealth-generating) economic activities in regions. In the past, regional development policy tended to try to achieve these objectives by means of large-scale infrastructure development and by attracting inward investment (OECD,2020).
A large number of international organizations such as the OECD, UN, IMF and many more that provide assistance on economic, environmental and social issues to the less economically developed regions. Regional development can be national or international in nature. Therefore, the implications and scope of regional development may vary according to the definition of a region and how the region and its boundaries are perceived internally and externally.