The second committee session of IMF began with motions to promote economic growth in West Africa by creating infrastructure which would then lead to job growth, benefitting workers who would otherwise be unemployed, through foreign investment.
To start, the delegate of Turkey noted the correlation between trade and economic development. In order to promote trade, the delegate proposed cutting taxes and subsidizing those who wish to invest in West Africa. It quickly became a general consensus that West Africa is an untapped goldmine. The issue, it seemed, lied within incentives, or the question of how investment be attracted.
To this, the delegate of Austria proposed that microloans could be used to improve infrastructure, conceive roads, and most importantly, schools that allow education to generally improve, noting that infrastructure improvement does not necessarily have to be through foreign investments.
Better infrastructure has been shown in the past to increase the overall welfare of a society as it tends to be directly related with job creation and growth. As schools are built, more students receive the skills necessary to thrive in a workforce. As roads are built, the overall efficiency of a society improves. An acute increase in the number of people in the workforce, combined with a more efficient overall society, provides an untapped workforce which will then, as stated by the Norway, “increase foreign investments,” leading to profits for both the investors in the form of return and the investees in the form of GDP and economic growth.
However, while there was much talk of foreign investment to increase economic growth, there was not much of “how.”
In other news, the delegate of DPRK, after addressing the issue of infrastructure implementation and economic development, was severely criticized in regards to their own “crumbling economy.” The delegate of the United States brought to question the audacity of DPRK to suggest methods of improving economic growth in other developing nations, when its own nation is “crumbling apart.” The situation further escalated when the delegate of DPRK exercised its right of reply, declaring loud and proud that the delegate of the United States “does not know what he is talking about,” and is “stupid.” The situation was resolved when, after several more delegates acknowledged the “poor” state of DPRK’s economy, the delegate of Chile, with warmth in his heart, implored other delegates to “stop being so mean to DPRK.”
To start, the delegate of Turkey noted the correlation between trade and economic development. In order to promote trade, the delegate proposed cutting taxes and subsidizing those who wish to invest in West Africa. It quickly became a general consensus that West Africa is an untapped goldmine. The issue, it seemed, lied within incentives, or the question of how investment be attracted.
To this, the delegate of Austria proposed that microloans could be used to improve infrastructure, conceive roads, and most importantly, schools that allow education to generally improve, noting that infrastructure improvement does not necessarily have to be through foreign investments.
Better infrastructure has been shown in the past to increase the overall welfare of a society as it tends to be directly related with job creation and growth. As schools are built, more students receive the skills necessary to thrive in a workforce. As roads are built, the overall efficiency of a society improves. An acute increase in the number of people in the workforce, combined with a more efficient overall society, provides an untapped workforce which will then, as stated by the Norway, “increase foreign investments,” leading to profits for both the investors in the form of return and the investees in the form of GDP and economic growth.
However, while there was much talk of foreign investment to increase economic growth, there was not much of “how.”
In other news, the delegate of DPRK, after addressing the issue of infrastructure implementation and economic development, was severely criticized in regards to their own “crumbling economy.” The delegate of the United States brought to question the audacity of DPRK to suggest methods of improving economic growth in other developing nations, when its own nation is “crumbling apart.” The situation further escalated when the delegate of DPRK exercised its right of reply, declaring loud and proud that the delegate of the United States “does not know what he is talking about,” and is “stupid.” The situation was resolved when, after several more delegates acknowledged the “poor” state of DPRK’s economy, the delegate of Chile, with warmth in his heart, implored other delegates to “stop being so mean to DPRK.”