The state of balance

Economic development is the process of change generated by the efforts of individuals, communities and nations to raise their productivity and their levels of living. The changes occur in all segments of the economic and social system but the extent and pace of transformation must be expected to differ from one aspect to another. Changes in technology may come suddenly and in spurts in the wake of the unplannable process of invention and discovery. Changes in knowledge and skill may take place only slowly as the organization of formal methods of instruction is improved and extended. Changes in institutions may proceed at vastly different speeds: where the underlying conditions are ripe mere legal authorization may bring new bodies and new systems into formal and functioning existence, but where the old institutions are deeply rooted in history and tradition their transformation and adaptation may take generations.

Sustainable Development Goals:

Decent Work and Economic Growth

Industry, Innovation and Infrastructure

Climate Action