As of 2012, the World Bank estimates that 12.7 percent of the world’s population, or 896 million people, live in extreme poverty. The World Bank defines “extreme poverty” as those who live at or below $1.90 per day
Economic development is the overall improvement of people’s income and quality of life. It can be achieved by expanding production of products and services, growing incomes, and generating jobs. At CHOICE, economic development has become the phase of development where self-sufficiency at a community level is achieved.
There are three different ways in which we work to support the economic development of those in need:
- Provide and connect people with training in basic business and entrepreneurial skills, money management, and basic accounting principles.
- Ensure people have access to financial tools such as savings boxes, microcredit, commercial banking, etc.
- Connect people with socially responsible foreign markets and customers to ensure their businesses can grow sustainably.
How does economic development relate to the community?
The key for economic development isn’t independence, but interdependence , as people learn to become effective global citizens. For local communities to grow their economies, they must provide goods and services that are exportable to larger outside markets.
For an in-depth case study, read more here