How do healthy people drive strong economic growth?
The economy is the backbone of any country- developing, developed, or underdeveloped. It drives the county's growth; when a country grows, its people also grow. But what makes an economy; is it the people in it? They are the biggest asset a country needs in order to grow.
Just how the people grow when the economy grows, the same relation can be understood in the opposite terms. The people as said earlier, the biggest asset of the nation- their talent and health is what drives the success rate and expansion into the national wealth and rise in the economy. So what will happen if the people fall ill, are not as advanced, or have health issues? In this Ramesh Chaurasia news, we shall talk about the correlation between the economic growth of a country and the health of the citizens.
The economy gets a cold when public health coughs. A health system that is able to withstand any kind of public health emergency, provide universal health coverage, and achieve other Sustainable Development Goals goals while generating synergies that benefit both the economy and the health sector is required. The Sustainable Development Goals are based on the fact that there is a link between economic growth and population health, as well as between poverty and poor health which is supported by evidence.
By investing in health, particularly health beyond illness care, India in particular stands to gain significantly. It is possible to maintain the productivity boost promised by a demographically young population. Training and skilling of a differentiated well-being labour force can elevate healthy administrations for wellbeing security at both populace and individual levels. As a unit addressing the chronic care requirements of aging societies and a rapid action force for health emergency response, this expanded health workforce can also meet global health needs when domestic needs are met. Affordable pharmaceutical products and innovative health technologies can be produced on a large scale for domestic use and global export.
For developed economies, aging population place a heavy strain on healthcare networks. In developing nations, lack of resources or inadequate infrastructure presents separate challenges. In many lower and middle-income countries, infectious diseases are major focus. HIV/AIDS, tuberculosis, and malaria take a huge toll, both in loss of life and reducing the workforce. The World Bank reports that 50% of the economic growth differentials between developing and developed nations are attributed to poor health and low life expectancy. The healthier the citizens of a country, the more effective the workforce; the better the health of their children, the fewer births, and hence the fewer dependents. Vaccinations and preventative strategies for childhood diseases are of key importance.
The majority of health spending is viewed as a cost. Both individuals and governments are affected by this. Health care is viewed as a social sector expense by finance ministries. Until health care becomes absolutely necessary and unavoidable, people avoid paying for it. Instead, health should be viewed as an investment by both individuals and governments. By reducing the need for and expenditure on curative care, individual "investments" in self-care and preventive health yield returns. In addition to improving the health of the population, investments made by the government in health have a significant multiplier effect throughout the economy.
The budget for 2021 offers a chance to end the public's long-standing low spending on health. The Covid-19 pandemic should serve as a warning to policymakers to raise health spending. In addition to the immediate requirement to pay for the Covid-19 vaccination, this is a crucial time when public health funding's role and impact must be re-examined.
Using an economic lens, there are three reasons to invest in health. First and foremost, investing in better health outcomes builds human capital. Adults in good health take fewer days off from work and are more productive at work. Children who are in better physical condition are more likely to succeed academically. They are more likely to become adults with higher incomes and higher skills as a result of this virtuous cycle. The country's productivity rises as a result of all of these channels, which ultimately results in economic expansion.
The Human Capital Index from the World Bank measures a nation's productivity per worker in comparison to its potential. With better health and education, a child born today in India will be half as productive. By investing in human capital now, India's future GDP per worker could double.
Second, the healthcare industry relies heavily on employment. It has the potential to create tens of thousands of jobs, absorb a portion of India's labor surplus, and lower the unemployment rate. Other industries also gain employment when healthcare jobs are increased. According to a WHO report on Health Employment and Economic Growth, every additional health worker, on average, creates 1.5 non-health jobs. Thirdly, economic resilience is enhanced by a robust public health system. After the Covid pandemic, this is becoming more and more clear.
We hope by the end of this Ramesh chaurasia latest news, you understand this interrelation between the economy and why should a country make investments in the health sector. In addition to saving lives, investing in the health system is a crucial economic investment. This is due to the negative effects of illness on human capital development, job prospects, and productivity. While everyone agrees that health care is a noble and worthwhile investment, the key question is how we can show value for money, especially in areas that compete for government funding.
Also, read- Income Inequality in India: Know The Real Truth!
__________________________________________________________________________________ Author- Ramesh Chaurasia A superior and highly experienced entrepreneur in the field of business for quite a long time now. Also, a philanthropist, author, and public speaker who believes in working towards the overall well-being and betterment of society as a whole.