What is Economic Development? What does World Vision mean when they say Economic Development?
Economic development refers to those aspects of development relating to the creation and distribution of wealth. Creating wealth is an integral and inseparable part of reducing poverty and transforming lives. World Vision is primarily focused on community economic development activities. World Vision’s approach is holistic, participatory and empowering. Local government, the private and not-for-profit sectors, and the community are given the opportunity to collaborate on initiatives that stimulate economic growth. Projects are designed to address the community’s particular needs and sensitivities. Developmental experts partner with local stakeholders to help the community understand its economic challenges and identify practical, innovative solutions. Community economic development works best when it is collective and cross-cutting. The goal is to integrate and encourage sustainable, inclusive growth.