Financial literacy has become critical. Surveys show many lack basic knowledge about managing finances, leading to poor decisions.
One challenge is the wealth gap, widened by limited banking access and lack of financial literacy. Without knowledge of savings accounts or investing, people cannot fight inflation or maintain purchasing power.
Monetary policy by central banks manages economic growth. Rising inflation requires higher interest rates to prevent economic downturns. However, this makes mortgages more expensive. Lower rates encourage spending and investment, stimulating GDP.
International trade shapes economics. Trade surplus and deficit reflect competitiveness. Persistent deficits may cause currency issues. Tariffs protect industries but can harm global commerce. Smart fiscal policy balances stimulus with sustainability to avoid budget deficits.
Young entrepreneurs need innovation AND financial management. Many startups fail due to poor budgeting. Those combining entrepreneurship with financial acumen succeed and stay solvent.
Some argue economic growth should be primary; others prioritize environment and society. Discuss both and give your opinion.
Minimum 250 words.