Importance of Media in Growth of Economy

8/9/2019 Importance of Media in Growth of Economy

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Big companies also thrive on these headlines by advertisinghow much they care even though they have been much of the problem of why the economy is so bad. How is that you

say? Well it is simple. Big companies use these headlines toadvertise and tread on your fears. Like Wal-Mart, save your money, low prices here, keep your life good by shoppingwith us. Well Wal-Mart is part of many big companies that

promise the world the best but sends American dollarsacross seas for cheaper labor and products puttingAmericans out of jobs and business's out of business just tosave a penny. They thrive on these scare tactics to get you toshop with them.Many businesses have gone bankrupt. Many people have

been laid off. Is this necessary? To many business's yes.These scare tactics have caused people to sit on their moneycausing the economy to go stagnant. When the economygoes stagnant, business's do not make money thereforelaying people off and going bankrupt causing more of a

vicious cycle going.If the media would shy away from these scare tactics then

people would be spending money, thus helping theeconomy. Christmas would have helped sales if the mediawould not have spoken about how the economy is keepingeveryone from spending money because they may not have a

job tomorrow or a dime to their name.

The people we should take a look at are the criminals whoclaim they have your back. Credit card companies, mortgagecompanies, insurance companies, big companies that aretaking your money and sending it to other countries to save acent. The media who scares you into buying their productsor sitting on your money, or being scared to do anything.Those are the true criminals who are legally stealing your

money right from beneath you.


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Political stability

As we know today media is very fast and there are many political issues rise by the media and these issues leads to political instability.

Good news for investors

Every good news in media about politics, government,Industry or commerce set a good trend for economy.Because investors attract towards that news and makesinvestment which is good for economy.

Bad news for investors

Every bad news in media about politics, government,

Industry or commerce set a bad trend for economy. Becauseinvestors attract towards that news and withdraw investmentwhich is not good for economy.

Good news is no news, and having no news is bad for business, particularly for a 24-hour TV news channel or anonline site which is desperate for content. I absolutely

believe that the mainstream media are harming theeconomy.

The "expert" commentators so beloved of these mediachannels are much more likely to be gloomy about future

business because, often, their business depends on helping people during difficult business climates - so promoting the

difficult times serves their interests.


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Importance of media in growth of Economy

Media can play a vital role in the growth of Economy. If instead of reporting useless polls that are likely unscientific,the media could be more responsible and only report thenews in an unbiased fashion. This would likely lead to lessvolatile situations both when this news is positive andnegative, meaning it will not have a direct impact on the

economy itself.

Free and independent media are necessary for the effectivefunctioning of democratic societies. Democratic governancedepends on the ability of citizens to make informeddecisions, which requires the dissemination of accurateinformation through free and independent media. Media notonly facilitate communication, but also expose corruptionand hold public officials accountable. Media are crucial for economic growth, because they are responsible for

providing information, aiding communication, and promoting transparency.

Now the question is in how many ways the media can play

an important role for the growth of economy?

The answer is;

If media shows the reality and realize to government that our economy is worst due to these main reasons, thengovernment takes measures for those problems and try to

pull it out then economy be going to grow.


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So media should do realize following given factors togovernment.

1. Inflation2. Poverty3. Population4. Corruption5. Unemployment6. Energy crises7. Industrial problems

8. Agriculture problems9. Monitory policies10. Economic development11. Law & Order situations12. Foreign Investment13. Literacy Rate

Let's discuss all these factors according to the Economy of Pakistan.

1. INFLATION

The inflation rate as measured by the changes in Consumer Price Index (CPI) after reaching peak at 25.3 percent in

August 2008, showing easing since November 2008 but bounced back to 21.1 percent in February 2009 mainly because of spike in the prices of some food items like onion,chicken farm, sugar etc. WPI inflation is followinginternational declining trend but non-food component of theCPI showed some stubbornness till February 2009. The CPIinflation averaged 23.5 percent in July-February 2008-09 asagainst 8.9 percent in the comparable period of last year.


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So inflation rate is rising day by day, now it is the media thatshows the reality of the prices of different items at different

places. Then government looks after the situation and then

takes action against that factors.

2. Poverty

Media has the responsibility to show out the actual positionof poverty in the country other wise its prove to worst for economy.

The number of Pakistanis now living below the poverty linehas crossed the 62 million mark, according to the latestofficial statistics.

The State Bank of Pakistan in its latest annual report on theeconomy revealed that the World Banks task force on foodsecurity has estimated that the Head Count Ratio (HCR)regarding poverty increased in Pakistan to 33.8 percent inFY08 (fiscal year 2007-08) and 36.1 percent in FY09,

projecting that 62 million people in the country now live below the poverty line.

Role of media in poverty

Media should support the poverty reduction strategy of government and it should suggest to government that whatto do and how to do?

Discover the methods or plans trough which reduction in poverty could be possible and ultimately this helps toeconomy to grow.


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Population

Pakistan 's estimated population in 2010 is over 169,308,000making it the world's sixth most-populous country, behindBrazil and ahead of Russia . During 1950-2008, Pakistan'surban population expanded over sevenfold, while the total

population increased by over fourfold. In the past, thecountry's population had a relatively high growth rate thathas, however, been moderated by declining fertility and

birth rates. The population growth rate now stands at 1.6%.

Role of Media

a. Media should take measures to control population which is increasing day by day.

b. Media plays the advertisement to family planning and awareness in people to control toincrease in population because resources arelimited.

4. Corruption

Media plays a vital role to highlight the corruption.If supposed to be there is no corruption in a country, justthink about that how much is strong their economy.

In Pakistan Politicians have made a Billions of $corruption, but it is the media who highlight them in front

of people of Pakistan.
http://en.wikipedia.org/wiki/Pakistanhttp://en.wikipedia.org/wiki/Brazilhttp://en.wikipedia.org/wiki/Russiahttp://en.wikipedia.org/wiki/Pakistanhttp://en.wikipedia.org/wiki/Brazilhttp://en.wikipedia.org/wiki/Russia


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5. UNEMPLOYEMENT

The unemployment rate in Pakistan was 5.20 percent inDecember of 2008. The labor force is defined as the number of people employed plus the number unemployed butseeking work. The non labor force includes those who arenot looking for work, those who are institutionalized andthose serving in the military. This page includes: PakistanUnemployment Rate chart, historical data and news.

Role of Media

(a) This is the media who are telling to government to takehelpful actions against the unemployment thats why nowunemployment rate is decreasing as compare to previousyears.(b) So the importance of media is here too because if thereis employment then there is less poverty and there will begrowing economy.


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6. Energy Crises

Energy is the lifeline of a nation. The economic engine andthe wheels of industry, agriculture and business need energyto move forward but from 2007 onwards Pakistan's economyfaces a huge crisis of Energy that is destroying the economyof Pakistan. Pakistan is facing app. 5000 MW energyshortage that leads to economy in destruction.

Role of Media

Media continuously highlighting this issue and they aregiving the positive suggestions to government as well buttgovernment not takes strong measures on that yet.All besides media is playing a positive role and it should doas well.

7. Industrial problems

Pakistani industry is facing some of below given problemswhich need to be solved.

1. Power shortage

2. Lack of trained manpower;3. Lack of proper infrastructure;4. Inefficiency;5. Lack of products innovation resulting concentration of industries in some specific sectors;6. Changing political and economic policies;7. Bad law and order situation resulting in lower investment in industries;8. Corruption in related government agencies and so


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many govt. agencies intervention;9. Higher interest rate;

Part of Media All these above given issues and factorsare risen by the Media, if they not raised then what is thefuture? Accordingly these factors I think governmenttakes help to remove the problems and improve theeconomy as well.

8. Agriculture problems

Pakistani agriculture is facing following problems which pull it down day by day.

Flat yieldingthe low productivity of water Thin market and weak institutionsGlobalizationInadequate supply of inputsLack of adequate finance

Role of media In agriculture sector media helps to farmers'to share productive information through TV programs thathelp to farmers to increase their production level.Besides this media also shows the problems of farmers togovernment to over come them.Media also shows the needs of farmers such as they needcapital to invest in land and they need a range of water supply.So media play their very important role in this sector thatgrows economy.


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10. Economic Development

The economic development has always been as issue for thecontemporary society. This is primary due to the fact that itis economic development that gives any country the

potential to prosper and grow. Being the attribute of strong countries, mainly belonging to the first world,economic development creates a completely new life-

standard for people. In other worlds the actual goal of theeconomic development is the improvement of the quality of life of ordinary citizens.

Media is the important part of economic development, allissues towards that government is not paying attention; it isthe media that attract the government by rising issues.

11. Law & Order Situation

The law and order situation arises when there is insecurity,threat of violence or violence arising due to a host of factorsdisturbing the ordinary conduct of life and businesses in asociety.

Causes of Crimes

Side by side the economic and poverty factors, crimes may be caused by social environment motivating or encouragingcrime.

Law & Order Situation in Pakistan


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In Pakistan so many factors are the causes of bad law andorder situation, such asTerrorism

InflationPovertyAre the main reasons behind bad law and order situation.

Role of Media

In current situation media plays the highest role in pointingto those persons who are disturbing the law and order situation in Pakistan or in any other country.

Media provides all information about law and order situationto the general public as well as to the government, and thegovernment takes a lot of help to prove the situation thatdefinitely affects the economy.

12. Foreign Investment

Finance is always backbone of any economy and Foreigninvest is the major portion of finance of any country.

Foreign investment in Pakistan

Net foreign investment in Pakistan fell 35.9 percent to $2.08 billion in the first nine months of the 2008/09 fiscal year compared with $3.25 billion in the same period last year, thecentral bank said on Wednesday.

Foreign private investment fell 19.5 percent to $2.62 billionin the July to March period, compared with $3.26 billion the

previous year, the State Bank of Pakistan said.

Role Of Media


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Media is always the main source of information for public,so investors always depend upon media too. Because mediatells and shows the picture of anything, so they rely on

media. If media shows a bad thing about country thenobviously investment be withdraw by investors and if mediatells something good about country or government theninvestment will be increase.

From last 5 to 6 years Pakistani media shows the law andorder situation as well as energy crisis of country. Althoughthis is the real picture of country currently but it gives badimpression to foreign investors.

What should media do?

Media should do that is its duty but in limitations, meansshow the real picture but avoid unnecessary repetition.

Factors instrumental to private and foreign investorsRisks of doing business and;Expected returns of the investment.Four major challenges to Pakistans socio-economic growthincluding;regaining macroeconomic stability;

poverty reduction;fiscal retrenchment and;Weaknesses in the external account.

13. Literacy Rate

There is a big contribution of Literacy rate in the economyof any country. Literacy, for sure, is the lifeline of anydeveloped country and there is, thus, no denial to the fact


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Economy RecommendationsMedia has discussed many times on economic issues thatare currently surviving the economy normally thesesuggestions are given by the whole media.

1. During the period of economic problems, the

government should take the lead and start more publicinvestments to provide a jump start to the economicactivities.

2. Primarily, it is the domestic investors who haveto be encouraged and motivated to take the lead for theinvestment. The administration of governmentalincentives to them should be more business-friendly.Once, domestic investors start flourishing, it willencourage foreigners to invest in Pakistan as well.

3. There is a need to improve business environmentin the country, including the availability of educatedand skilled manpower, ancillary industries and utilityservices. Continuous rise in the prices of petroleum

products, electricity, gas and other utilities are alsoadversely affecting the business environment.

4. We need to improve our infrastructurefacilitations to make the Business environment moreconducive to foreign and local investments.


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5. Power shortage has already resulted in closure of many units which is deplorable and needs to berectified at the earliest.

6. The main stake of our economy is agriculture andfacilitation and incentives to develop the cottageindustry need special attention. In order to boost upinvestment particularly in livestock, poultry, fisheries,and associated value added production facilities likefinancing, development of services infrastructure, andmanpower development should be part of government

plans and programs.

Conclusion

Although media has some negative effects on economy butin overall view Media plays highly appreciable role for the

betterment and growth of economy.

It is the Media who tells to government that what to do Andhow to do?

Media shows the reality of government to general public

which is good thing fir transparency.

Media describes the real and poor condition as well as the problems of people to government on which governmenttakes measurement.

Media attract the foreign investors to come and invest here.Media gives the informative programs to its viewers to geteducated.


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In nutshell Media is playing a very healthy and sound rolethat is very important for the growth of economy.

Importance of Media in Growth of Economy

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