The problem of lack of financial resources to fulfill the basic necessities is faced by the majority of the population in many developing nations. The major driving forces behind poverty are unavailability of adequate employment opportunities and the concentration of wealth. Governments should implement appropriate policies to mitigate this situation.
In many countries, educated people are struggling to find an appropriate employment as job market is low on demand. Thus, most individuals remain jobless and those who acquire one have to compromise and settle for substandard and low-paying jobs. Consequently, limited salaries worsen the situation leading to a vicious cycle of poverty. Moreover, the wealth of nation is held by some top-class business corporates. They are reluctant to distribute their finances for greater public interest. They even take advantage of their power and manipulate poor people to settle for low salaries. Consequently, the disparity between the poor and the rich constantly continues.
However, appropriate rules and regulations framed by legislature and effective implementation by administration can make notable difference in addressing this problem. Stricter policies should be introduced to regulate the employment sector. As a result, multinational companies will be obliged to comply with regulations, thereby reducing the probability of exploitation of workforce. Moreover, progressive taxation policy can be used to collect tax from big businessmen to reduce disparity. Consequently, the collected money can be utilized to provide subsidized food, housing schemes, quality education and improved public transportation systems, which in the long term will equip the lower class with skills that can make them financially independent.
To conclude, although poverty has become a global issue, effective and timely measures taken by governments can significantly mitigate this situation. Collective efforts are needed to break the recurring cycle of poverty.