The small and medium enterprises Act as catalyst for economic growth and development in Pakistan: Economic growth and development perspective

This paper explores the value of small and medium enterprises for the economic growth and development especially in Pakistan. Moreover, it assesses the usage of information technology in SMEs sector of Pakistan. According to the recent Census of Establishments conducted by the Federal Bureau of Statistics (FBS) there are about 3.2 million economic establishments in Pakistan. Out of these Small & Medium sized enterprises (SMEs) (with employment base up to 99) constitute 90% of all private enterprises employing approximately 78% of non-agriculture labor force1. SMEs contributed over 30% to GDP, 25% in export earnings besides sharing 35% in manufacturing value addition2. The paper suggests that SMEs act as a catalyst to economical growth and development where IT embedded in their operations, planning and decisions like Hong Kong, Denmark and USA. Many other societies also place great value on the small and medium enterprises and encourage their activity. In fact, wealth and a high majority of jobs are created by small & medium businesses in the world. As a result, many experienced business people, political leaders, economists, and educators believe that fostering a robust small and medium business culture will maximize individual and collective economic and social success on a local, national, and global scale. It is recommended that SMEs may be offered access to inexpensive capital, tax exemptions and management advice & experiences and IT infrastructure which further leads toward the economical growth & development. The economical growth and development in a country can brings happiness and prosperity to its nation

SOCIAL LIMITS OF THE ROMANIAN ECONOMICAL GROWTH

The phenomena and processes from the economical life have evolved with intensity and different results, determining the necessity of knowing the way in which the national economy evolves, as well as its dynamic approach. The existence and the dynamics o

Steps in the development of the Romanian financial system and the corellation with the level of economical growth

Along the history it has been asserted that among the determinant agents of the economical growth can be also cited the conservation and the endowment with physical, technological and human capital. This thing involves the realization of certain investigations in the infrastructure, development, and innovation, as well as in the education and the formation, that can raise the existent level of these resources in every country and to lead to a growth in the productivity, and in the competition of that country materialized through a higher GDP of a capital. But there is an extremely important factor like the way of financing, the degree of development of the financial system of the economy that leads to economical growth. On a microeconomic level, in what concerns the economical agents, financing is the most important for the development. All in all, no matter how good the product or how efficient the commercialization channels or the correlation level between technology and the human factor may be, if the business does not have an efficient financing politics, regarding the liquidity as well as the solvency and the profitableness, it will crash minimizing the other successfully realized aspects. Except the fact that it offers an efficient allocation and a reduced cost of the financial services, a well developed financial compartment identifies the potential investors, monitors and gives information regarding the behavior of the beneficiaries of the chartered capital. The financial system unifies the capital demand and the offer through banks, capital markets, and other financial mediates like mutual funds or pension funds. An efficient financial system mobilizes the collected saving by the unities that, after they satisfy their own objectives of investment and consumption, have a financing capacity for channeling it towards those units that, for realizing their investing objectives, need financing, offer an efficient payment and clearing system, in this way facilitating the financial transactions. An efficient system is the one that realizes an optimum getting in and allocation of the resources, that it has realized in a satisfying manner the remuneration conditions, assurance, and liquidity of the equivalent deposits or the instruments of collecting the resources, and on the other hand, the cost conditions and financing term for the allocated resources. Until short time ago, it was believed that the financial system develops after the contracting sector, channeling towards investments, at the request of the undertaker, the over pluses obtained as a consequence of the economies of the population. Following what Schumpeter first expressed in 1912, recent theories showed that an efficient financial system is a stimulus for the technological innovation identifying and financing the undertakers capable to successfully innovate the product and the production process. One of those who have opted for this kind of thought is Ross Levine who assures the fact that “a theoretical as well as an empirical constant work volume tends to make even the most skeptical to believe that the development of the financial system is a determinant of the economical growth, and not only a passive answer to this growth.” Levine and the others that share his opinion believe that there are inherent relations between financial intermediate and productivity and , as the amelioration of the productivity level produces on a long term benefic effects on the level of economic development, it can be said that also the financial intermediate generates economical growth. Moreover, Levine suggests that the development of the financial system has an important positive effect over the economical growth saying that “it can be eliminated a third of the already existent inequality between the countries with an important growth and those with a slow growth through the development of the financial intermediation for the latter ones until they reach a developing level comparable with the one of the countries with a quick development”. The positive association between the degree of development of the financial system and economical growth was at large analyzed also by Demirguc-Kunt (2006), Levine and King (1993), and Levine and Beck (2004). They get to the conclusion that this correlation stays significant even when other factors of influence are taken into consideration. Moreover, they prove that regarding a country with a developing financial system, the degree of financial development is correlated not only with the current growth, but also with the future economical growth. In order to do a thorough analysis of the way in which the Romanian financial system evolved, being correlated with the economical growth of the financing structure of the Romanian economy between 1990 and 2006, we leveled this analysis depending on the mutations that took place during the time in the Romanian economical and financial landscape. We have taken one by one the mutations that took place during this period regarding the Romanian banking system and capital market, as main financial agents, then the macro economical politics and their impact on the development of the financial system, and, least but not last, recent evolutions experienced by the Romanian financial system and regional level (Central and Eastern Europe) and European Union comparisons.Romanian financial system, capital market, development

Considerations regarding the Romanian fiscal and budgetary reform in accordance with the E.U. requirements

The paper starts with the role of the Romanian fiscal and budgetary reform in the development and economical growth and has as purpose to emphasize the essential problems: the harmonization and fiscal coordination from the E.U. perspective; the Romanian fiscal and budgetary perspectives for period 2007-2009.fiscal; budgetary; reform; period transition; harmonization; coordination

The role of tourism industry in the GDP growth of hamedan province

One of the strategies of increasing the foreign currency income which leads to economical growth in today's world is tourism industry. The extent to which the tourism industry can play an important role in the cities' economical growth and development is an issue worth thinking about. In reviewing the economical role of the cities and taking it into consideration as a system, tourism can be considered as one of the economical subsystems with an effect on cities' economical growth and development. Given that the tourism industry of Hamedan is the independent variable and economical growth and development are the dependent variable in this research, thus the researcher reviewed the role of tourism industry and entrance of the tourist and the earnings obtained from Hamedan's tourism on GDP growth and attempted to answer this question: is there a significant relationship between tourism industry and economical growth and development of the city Hamedan? The researcher, by gathering the information and data obtained from statistical yearbook and economical analyses of the province from 2000 to 2014 and by using the SPSS software, came to the conclusion that there is no positive relationship between entrance of tourists and growth of gross domestic production (GDP).Keywords: Tourism, GDP, Hamedan Province, Entrance of Tourists, Economical Growt

The factors that influence Romania’s economical growth

The history of the world’s economical development demonstrate that, in all times, the welfare of an nation was generated by the gross internal product’s level, which represents “the gross value of the final production of goods and services produced, in a specific period of time, by the economical agents which activates between the national borders”. The economical grow process is a complex process of increasing the national economy results, based on the combination and the using of the production direct factors: the work force, the fix capital and the consumption of floating material goods. The economical grow is desirable in any country because it gives to population the possibility to consume more goods and services and in the same time it contribute to the insurance of a big quantity of goods and social services, like health, education etc., generating in this way a real grow of the life quality.the economical growth, labor, population

Social costs, limits to growth, right to growth: an approach to the global environment oriented to philosophy of law

The main Question of this paper is: how can we tackle the global warming in accordance with the economical growth especially in emerging countries? K. W. Kapp, “The Social Costs of Private Enterprise” (1950), defines the social costs as direct or indirect damages which are not compensated by the producer, but added to the third parties. An example might be the disaster of the BP plant in April 2010, in which the polluter can hardly cover all the damages so as to make the seawater clean, to regenerate the harmed natural lives and to recover the jobs and the everyday life of the residents on site. The Club of Rome, “The Limits to Growth” (1972), makes us aware of the five conditions which set the limits to growth: population, industrialization, pollution, consumption of food and natural resources, which tendentiously increase in a exponential progression. The GDP growth 10% a year means that it will be 2.59 times as large in ten years, whereas technology could resolve problematic concerning five elements at highest in arithmetical progression. Remarkable would be that the modern industrial civilization has brought social damages in form of global warming. Developed nations have not payed for it yet. All the people in the world should have right to economical growth at any rate, which would however be limited by those five conditions. Conclusion: the developed nations should give up the consumption lifestyle for the sake of equal right of every citizen in the world to reasonable standard of living

INVOLVEMENT WITHIN THE SUSTAINABLE DEVELOPMENT – STRATEGIC OBJECTIVE FOR BANKS FROM ROMANIA

Nowadays, an important aspect for the global economic development with implications also in the economy of Romania is represented by the providing of balance between the economical growth and the natural environment in sense of its protection and who are the main players to assume this responsibility. In this article, we have developed the importance of assuming responsibility within the implementation of this concept “sustainable development” by the banks from Romania, with all that this involves: costs, but also advantages.decision, environmental protection, information, investments, resources, sustainable development.

FDI AND ECONOMIC GROWTH IN CROATIA ACCORDING TO ECONOMIC THEORY

The aim of this paper is to analyse influence of foreign direct investments (FDI) on economic growth of Croatia in period between 1995.and 2011. According to economical theory FDI have positive influence on economical growth of the country receiver of investments. The question that this paper is trying to answer is: Is economical theory in case of Croatia confirmed or are the circulation of chosen macroeconomic indicators of economical growth contrary to the expectations. In the paper is analysed the influence of the FDI on employment, GDP, export and investments. The first part of paper describes economical theory and expected consequences of the FDI, the second part of the paper describes movement of the FDI in Croatia, with overview on the structure and short comparison with the transition countries. The third part of the paper is the analysis of FDI relating to each of above mentioned economical indicators of economical growth. The analysis shows that foreign direct investments do not influence on chosen indicators or that FDI do not influence significantly. Based on the given results that are opposite to economical theory the conclusion is that problem is mainly in the structure of FDI with special emphasis on small part of greenfield investments