Small Island Developing States, known as SIDS, face many challenges in economic growth as they are geographically isolated nations whom are vulnerable towards natural disasters. Delegates in ECOFIN this Friday recognized immediately that it is imperative to create an infrastructure which will allow these states to be self-sustainable, even through the inevitable natural disasters that are bound to occur.
Through examining the common hurdles that these nations go through, it is difficult to pinpoint exactly which issues required the most immediate attention and how it would be possible to create a plan which would help nations to recover quickly and efficiently. Rising sea levels, climate change and tsunamis all hold a potential threat to these small countries.
Delegates generally agreed that stronger infrastructure is crucial to development, but they have not yet developed a concrete solution to facilitate it. Whether by increasing trade with other nations, or investing in local businesses, it is still unsure how ECOFIN plans to secure the funds necessary for the projects being discussed. Without the increase of GDP, it would be impossible to effectively improve the infrastructure and the living conditions, in addition to the well-being of the citizens.
A portion of the discussion revolved around the best way to create a self-sustaining economy in order to raise the standards of living on these island nations. While some mention the tourism industry which could garner foreign interest and thus, further investment, others argue that the money would be better used in the education system, which will create the future industries.
Further on in the discussion, delegates also discussed the challenge of creating short term/long term solutions in response to SIDS and whether there even lies a distinction to be made, seeing as how the natural disasters may or may not set the country back by huge increments. With this ongoing topic, new ideas are being pursued and discussed to help SIDS develop a stable economy.
Through examining the common hurdles that these nations go through, it is difficult to pinpoint exactly which issues required the most immediate attention and how it would be possible to create a plan which would help nations to recover quickly and efficiently. Rising sea levels, climate change and tsunamis all hold a potential threat to these small countries.
Delegates generally agreed that stronger infrastructure is crucial to development, but they have not yet developed a concrete solution to facilitate it. Whether by increasing trade with other nations, or investing in local businesses, it is still unsure how ECOFIN plans to secure the funds necessary for the projects being discussed. Without the increase of GDP, it would be impossible to effectively improve the infrastructure and the living conditions, in addition to the well-being of the citizens.
A portion of the discussion revolved around the best way to create a self-sustaining economy in order to raise the standards of living on these island nations. While some mention the tourism industry which could garner foreign interest and thus, further investment, others argue that the money would be better used in the education system, which will create the future industries.
Further on in the discussion, delegates also discussed the challenge of creating short term/long term solutions in response to SIDS and whether there even lies a distinction to be made, seeing as how the natural disasters may or may not set the country back by huge increments. With this ongoing topic, new ideas are being pursued and discussed to help SIDS develop a stable economy.