What is an Economic Development Plan?Do you think Strategic economic development plans are integral to achieving measurable, sustainable economic growth and quality of place? When planning for economic development, the goal is to create and maintain a strong, vibrant local economy. Local government economic development planning is part of a region's overall economic development strategy and involves intergovernmental coordination. The economic development plan provides a comprehensive overview of the economy, sets policy direction for economic growth, and identifies strategies, programs, and projects to improve the economy. Economic planning has two major economic effects: 1. It reduces uncertainty by making forecasts about economic conditions and by providing market information (market conditions, prospects, expected behaviour of economic agents, etc.). These forecasts are more or less detailed and are made public. This aspect of planning we call the information effect. 2. It mo...
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