Why economic planning is important.

[TOZZIBLINKZ]

It is the sole aim of the government and other governmental power status to plan Bond issues concerning the economy . Moreover , economic planning refers to government conscious formulation of economic policy for the allocation of resources to the sectors of the economy over a period of time in order to bring about sustained growth in the economy .
a good economic plan will ensure the increase in the level of employment in the economy , also increase and promote better and efficient technology in order to improve the real income of the citizens as a result of the good economic planning .

Other aims and objective of economic planning include : to ensure equitable allocation of resources , to ensure diversification of the economy , to bridge the gap between the rich and the poor , to achieve economic self-sufficiency , to ensure economic growth and development , to reduce foreign control of economy , to ensure joint business participation , and finally to reduce rural to urban migration . In addition to all this economic planning has some setback that is preventing it from reaching its full potentials . Some of this obstruction include: insufficient successful data and information to aid the planning process , inadequate skilled personnel , and finally corruption and nepotism etc .

 

[Kingsley]

Economic planning plays a major role in any country of the world as of today. Economics as we know is a social subject that gives us understanding of both the micro and macro economic aspect of a country's systems. The understanding of economics gives us the understanding on how to answer the following questions. What to produce, for whom to produce , how to produce and how to distribute that which has been produced.

Economics helps us to utilize the scares resources that we have at our disposal. So as to get the possible best result from our resources. The micro aspect of economics deals with all that concerns the household. And while the macro aspect deals with issues bothering on the nation's national income, inflation, unemployment and the likes.

Any country where the government is having a poor economic team it will reflect in the way and manner the people will be in the country. It will reflect in their standard of living. And their per capita income.

Unfortunately some of the countries in west Africa are struggling with poor economic planning committee hence there don't seem to any form of progress in those countries including mine, as funds are been mismanaged.