Economic security is definitely crucial for everyone in the world. Economic security — the ability of people to meet their needs consistently and with dignity— not only helps prevent falling from poverty, brings economic wellbeing and improves one’s social conditions but also contributes to the national economy and society. But many do not have economic security in the world. Even if many have income, it is not adequate enough in the actual, perceived and expected sense across the world. Consequently, there is a lack of economic security, or economic insecurity that happens when there are not enough financial resources to pay for food, housing, medical care and other needs, among many including many of those who have income.
It is pertinently notable that there is a lack of economic security among the young and others. But governments across the world make many economic and other efforts to provide economic security. Governments facilitate business growth, employment opportunities and other economic activities to secure financial security. Additionally, governments provide economic security to people by establishing social safety nets that provide minimal protection. A significant portion of people are currently brought under social safety net programs in many countries. But the safety net programs are low in many countries. More importantly, government efforts are scant in many countries in providing a stable source of financial income through providing not only business conditions and promoting business activities but also employment and other stable income opportunities.
Flawed policy-based, financial mismanagement-based and other causes definitely put barriers to providing economic security with a stable source of financial income for many in many countries including many less developed countries. A lack of required income opportunities, a lack of — or inadequate — policy on the promotion of business activities and providing a business environment, the economic mismanagement of governments, unjust economic and social policies and income insecurity, which disproportionately affects the vulnerable, marginalized and less advantaged around the globe, hinder economic security. Though there is a lack of required income opportunities in many countries including the United States and China, the first and second largest economies in the world respectively, it is far more in many developing and less developed countries.
Global economic shocks, national political stability, wars and civil wars and other factors put a hindrance to economic security in many countries. Even if developed countries can withstand wars economically, less developed countries are more affected by wars. Because of the Ukraine war, many countries faced economic crises but some less developed countries had difficulty to withstand their crisis. Among others, economic mismanagement, the miscalculation of risks in economic activities and other causes of businessmen and entrepreneurs put barriers to the economic security of themselves and their employees many times. Driven by a lack of economic security, many cannot improve their social conditions as intended across the world, though economic insecurity does not affect all similarly across societies.
Economic security definitely needs to be given to everyone across the world. It is important not only for economic development but also for social and other aspects of life. Government efforts need to be strengthened to secure economic security and provide a better chance of improving social conditions. The causes of economic insecurity including a lack of income opportunities need to be addressed across the world. Income security, which is crucial for economic security, needs to be ensured for providing economic security across countries. Governments need to facilitate stable income conditions for everyone in terms of providing business, employment and other stable income opportunities. Financial supports from governments are also crucial to economic initiatives in many countries.
But economic insecurity needs to be recognized as a global concern. Less developed countries in Asia, Africa and other regions definitely need to give more emphasis on economic security, although more resourceful countries also need to secure economic security for their citizens. This is mainly because a larger portion of people have economic insecurity in many less developed and developing countries than in developed countries. But global cooperation, along with national initiatives, is imperative in less developed and (some) developing countries to provide economic security with increased income opportunity and security. A global agreement on the promotion of economic security may be helpful for providing economic security to many across the world.
