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The economy is a crucial aspect of any nation, and the role of government in its sustainable development is hard to overestimate. When the economy is in recession, it can lead to social unrest and long-term instabilities. In this case, the government makes use of its power to boost the economy of the country. It must continue to pursue a broad and ambitious plan in order to accomplish this aim. By investing in public funds and encouraging major financial service providers and social investors to support, governments may help economies grow. Tax incentives, lowering regulatory hurdles, expanding the tax base, reducing the risks associated with private funding, and creating hybrid systems that integrate public and private investment are a few examples of methods.
Local knowledge and the flow of talent can be developed by enhancing and expanding research and instruction in social innovation, social entrepreneurship, and social economics at schools and universities. Long-term economic stability and growth will be ensured by these steps. The social economy can aid in structurally transforming our current economic model, with its lingering problems, and accelerating the transition to a more inclusive, sustainable future by adopting accountability frameworks, taxonomies of social accountability, and more participatory business and governance models.
Additionally, there are a few less apparent measures to guarantee economic progress. Governments are urged to compile economic statistics that go beyond conventional measurements in order to raise the sector’s visibility. Governments should routinely measure and present the economy’s social and environmental impacts in addition to its contribution to economic growth and job creation. Overall, the government’s role in fostering economic growth is crucial. The government has several leverages and capabilities to ensure the stable and long-term prosperity of the nation’s economy.
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