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    Ways To Boost A Country's Economy

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    Rain Khor
    Buying local products, traveling locally, and offering low interest rates are three ways to boost a country's economy according to the document. First, buying local products keeps money within the local community and supports local businesses. Second, traveling locally stimulates the tourism industry which benefits local businesses and creates jobs. Third, offering low interest rates makes it easier for entrepreneurs to get loans to start new businesses. Together these strategies can help revive a country's economy.

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    Ways To Boost A Country's Economy

    Uploaded by

    Rain Khor
    17 views3 pages
    Buying local products, traveling locally, and offering low interest rates are three ways to boost a country's economy according to the document. First, buying local products keeps money within the local community and supports local businesses. Second, traveling locally stimulates the tourism industry which benefits local businesses and creates jobs. Third, offering low interest rates makes it easier for entrepreneurs to get loans to start new businesses. Together these strategies can help revive a country's economy.

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    Ways to Boost a Country's Economy

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    Buying local products, traveling locally, and offering low interest rates are three ways to boost a country's economy according to the document. First, buying local products keeps money within the local community and supports local businesses. Second, traveling locally stimulates the tourism industry which benefits local businesses and creates jobs. Third, offering low interest rates makes it easier for entrepreneurs to get loans to start new businesses. Together these strategies can help revive a country's economy.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    17 views3 pages

    Ways To Boost A Country's Economy

    Uploaded by

    Rain Khor
    Buying local products, traveling locally, and offering low interest rates are three ways to boost a country's economy according to the document. First, buying local products keeps money within the local community and supports local businesses. Second, traveling locally stimulates the tourism industry which benefits local businesses and creates jobs. Third, offering low interest rates makes it easier for entrepreneurs to get loans to start new businesses. Together these strategies can help revive a country's economy.

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    Ways to boost a country’s economy

    Due to the pandemic of coronavirus, many countries are facing economic crisis. Even

    global airlines suffer major losses because of cancellation of flights from passengers

    and country restrictions. Some businesses such as tourism shut down completely. It is

    crucial for entrepreneurs to be innovative in order to sustain their businesses. There

    are many ways to boost a country’s economy such as to buy local goods, travel locally

    and offer low interest.

    First, one of the ways to boost a country’s economy is buying local products. When we

    buy more local products, the money stays in the community. For instance, we should

    support brands like Proton, Perodua and Beryl's chocolates since they are high quality

    local products. Therefore, high demand on local products helps in development of a

    country’s economy by encouraging entrepreneurs to use more local resources and

    employ local workers. As a result, it bounces back our local economy. Consequently,

    supporting local goods brings positive effects to a country like reducing dependency on

    imported goods which impose high taxation. Citizens gain more spending power to buy

    local goods as it has a cheaper price too. Thus, promoting the purchase of local

    products revives a country's economy.

    Secondly, another way to stimulate a country's economy is traveling locally. Tourism is

    a significant and reliable industry that can stimulate a country's growth. When citizens
    spend money on hotels, dining, and tourist attractions, it benefits local businesses and

    the community.Furthermore, travelling locally creates more job opportunities and

    generates tax revenue for the country. For instance,RM2 of taxation is imposed on

    travelers who stay in Malacca hotels. Thus, it brings profound (great) effects in

    developing tourist attractions. In fact, travelling within the country boosts the domestic

    economy.

    Thirdly, another strategy to revive a country’s economy is to offer low interest rate.

    Lowering interest rate provides a good opportunity for entrepreneurs to start a

    business. By applying for loans from banks with low interest rate, young entrepreneurs

    will be able to raise enough capital to run a business. As a result, they do not need to

    borrow money from their relatives, loan sharks, family members and friends which

    might affect their relationship. When a business is profitable, it can be further

    expanded by franchising and producing various products. Thus, our country will have

    low dependency on imported products. In brief, offering low interest rates is a strategy

    to boost a country’s economy.

    In conclusion (to conclude), buying local products, traveling locally, offering low interest

    rate are the alternatives to revive the country’s economy. It is significant to have a

    stable economy in order to attract foreign investors since it acts as a major catalyst to

    develop a country. Foreign investments play a significant role in increasing capital of


    the country. Hence, everyone must work hand in hand to revive the country’s economy.

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