IMPACT OF MACROECONOMIC POLICY ON THE GROWTH AND DEVELOPMENT
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IMPACT OF MACROECONOMIC POLICY ON THE GROWTH AND DEVELOPMENT
Background of the Study
1.0 Introduction
Macroeconomics can be defined as the economy in terms of total products and services produced, total revenue earned, the level of employment of productive resources, and the overall behaviour of pricing.
It is also the study of economics as a total system, particularly in terms of general levels of output and income, as well as the interrelationships across sectors within the economy.
Macroeconomics is a branch of economics that investigates the behaviour of the economy as a whole. It looks at changes in unemployment, national income, growth rate, GDP, inflation, and price levels.
In order to avert large economic shocks, such as the Great Depression, governments implement policy measures in the intention of stabilising the economy.
The government feels that the achievement of these modifications is required to ensure stability and continued growth. This economic management is accomplished through two sorts of strategies: monetary and fiscal policy.
Macroeconomic policy refers to the instruments used by a government to regulate or adjust the economy in order to achieve specific goals. In other words, it seeks to examine the conduct of the economy as a whole and to identify areas where aggregate performance might improve. These goals are met by specific macroeconomic policy instruments and objectives.
Small-scale industries are the most reliable sources of growth and support for national economic development around the world. Smaller industries employ more people than larger industries.
The fall scale sector has played a significant part in the country’s socioeconomic development during the last 50 years. It has made a substantial contribution to the total growth of the Gross Domestic Product (GDP), job creation, and exports. As a result, the success of the small-scale sector has a direct impact on the entire growth of the economy.
Recognising the value of small-scale industries, the organised private sector advocates for government development of the sector in order to reorient the nation’s economy.
The Central Bank, Federal Ministry of Finance, and other financial institutions have made global efforts to promote Nigeria’s small-scale industry as a source of economic growth. However, many reasons have hampered the growth of small-scale companies in Nigeria.
1.1 Statement of the Problem
According to Stephen (1997), the economic outcome must be considered while evaluating the government’s performance. Problems are typically the result of previous regimes rather than current ones. Some questions that will be investigated in this effort are:
v To what extent have Nigeria’s macroeconomic policy and government plans benefited small-scale industries!
v Has it been completed outright or degraded to insignificance?
1.2 The purpose of the study
The primary goal of this research is to look into the impact of different macroeconomic policies on the growth and development of small-scale industries in Nigeria.
1.3 GOALS OF THE STUDY
1. Critically assess the nature of Nigeria’s small-scale industry.
2. Determine the many causes of Nigeria’s underdeveloped mall size industry.
3. To explore the reasons impeding the development of small-scale industries in Nigeria.
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