Assignment Task: Imagine you are an economic consultant charged with an economic development project proposal. Complete each part of the assignment to research and discuss the factors that lead to and/or restrict economic development, and then develop a project, policy, ministry, or business plan that, if implemented, may improve the economic growth within a specific region or city. Start by selecting a region or city. Then begin the process of researching the region and identifying the key factors that have negatively impacted or hindered the region's economic development.
The project should address key economic development factors and provide a means of improving the quality of life for the citizens of the selected region.
Your analysis should include the evaluation of a minimum of four macroeconomic indicators for a city or county in the US.
Examples of macroeconomic indicators are GDP, employment indicators (labor market, unemployment, and wages), consumer price index, the producer price index, retail sales, trade, and interest rates.
Research the economic situation of a city or county of your choice by addressing the following:
Background of the city or county, including:
- City/county population size,
- GDP size and GDP growth pattern
- unemployment rates
- major industry(ies)
- main tradable industry or commodity
- government budget size.
Description of four macroeconomic indicators
The status of the city or county's condition for each macroeconomic indicator
The major challenges (economic, financial, social) facing your selected city or county
The city or county's major economic and financial strengths