By Mohammad Al-Muthaffar
Governments are always seeking ways to develop their economies, enacting necessary laws and issuing executive decisions to encourage investment. However, such actions alone are insufficient for achieving economic development. Building and educating the workforce, as well as creating the motivations that enable individuals to be effective in the economic community, are more important than enacting laws.
Citizens, whether investors or consumers, are the foundation of the economy. Sufficient awareness must be provided to citizens about the importance of investment, trade methods, crisis management and dealing with crises. Recent global crises, such as the coronavirus pandemic and the Russia-Ukraine war, demonstrate the need to prepare society to withstand such crises by training and developing individuals, so they can navigate and recover from these crises successfully.
Through the experiences gained from studying and analyzing finding appropriate solutions to get out of economic crises, we found the solutions are as follows: (1) Enhancing the role of the national private sector in economic activity. (2) Supporting and localizing national industries to rely on local products. (3) Announcing a program for private sector participation in state-owned assets.
For individuals, we find appropriate solutions to get out of economic crises are as follows: (1) Preparing a studied plan and a timetable to get out of that crisis. (2) Thinking more than once when buying real estate, cars or otherwise. (3) Buying local products. (4) Never borrowing from banks at the time of crises.
If we follow these steps, we will have made it easier for ourselves many problems that result from economic crises or at least reduce the risks of slippage during grinding economic crises by exerting effort, necessary care, good reading of the situations facing us, reducing spending on urgent matters and rationally distributing income to requirements. If we maintain these things, we will have achieved something very important towards getting out of crises.