0256 GMT February 21, 2018
Nowadays, economic development cannot take place without considering key elements. IRNA took a look at some these elements which can lead to sustainable development.
1. Presently, globalization has strongly linked world economies, particularly economic powers. Hence, economic crisis in a country rapidly spreads overseas.
Globalization and the removal of obstacles to global trade, have paved the way for expanding investment, human resources and information technology.
In Iran, interaction replaced confrontation when President Hassan Rouhani assumed office in 2013. Hence, the government managed to resolve the country's nuclear standoff with world powers by pursuing a prudent policy.
2. Experts believe development is universal and is linked to benefiting from joint human and scientific assets.
We can take advantage of the experiences of other countries based on an approach of interaction. Countries which have undergone considerable growth, have benefited from widespread international ties in the political, economic and scientific fields.
Nowadays, world economies are interlinked and no nation can maintain monopoly in the production of commodities. As a result, all countries need each other because the production and service cycles have been turned into specialized procedures. This indicates that the lack of economic interaction had created divergence between Iran's economy and scientific advancement.
China had been isolated for decades and its foreign ties were limited to a number of countries. However, realities of domestic economy and international norms pushed China to open up to the world.
This has turned the Asian nation into an economic super power in the world.
3. Nowadays, we cannot consider politics and economics in two separate categories. Hence, economics and politics impact each other.
Economic development in societies call for some necessities; the most important of which is consensus as well as social and political empathy. As a result, political rivalry should result in promoting political stability. The more political stability and national solidarity is promoted the more the economy will grow.
Attraction of investment and the improvement of the business ambience is linked to boosting solidarity and building trust among all political groups.
If destructive political rivalry replaces constructive criticism, economy will be undermined. This will worsen recession and lead to a fall in investment.
Experts say convergence and moving towards serving national interests contribute to synergy. However, divergence and moving toward factional interests will weaken the national economy. Hence, to record higher economic growth rates we need to attach trust to the economy.
4. It seems that economic problems cannot be resolved unilaterally. National interests can be maintained by pursuing collective wisdom and interaction.
Nonetheless, the role of independence should not be overlooked. In fact, bilateral economic independence can be useful when countries establish fair relations.