Economic performance refers to the state of the economy basing on its effective functioning as pertains to the welfare of the stake holders which in the case of a state is the citizens. The economic performance of any state squarely depends on the effectiveness of the regulations of the government system which can be negative or positive. The effectiveness of the government refers to how well it functions to uplift the living standards of its citizens. It entails the policies put in place to cater for the well being of the country and its citizens.
Such policies should aim at improving the economy and securing the future of the country. In order for the government to ensure that the economy thrives well then the issues that tend to deter the economic performance needs to be put to proper check. Johnson. F (1989) confirms that the issues include: corruption, financial problems and the technical problems in the different sectors of economy.
Stopping Corruption Corruption is one of the avenues that siphons state finances which later translates to poor economic performance.
Most of the governments’ are experiencing increasing drop on their economy as a result of corrupt officials who pocket the state’s income for their own personal benefit at the expense of the public interest. This is as result of greed for material goods. In 2002, studies by Simeon Djankov & Florencio Lopez-de-Silanes revealed that the media is full of corruption cases and outright fraud most of which are committed by the very government officials and in many instances the cases are never detected and if detected they are brushed off because they touch on officials who are influential in the government and finally they are never prosecuted.
It is quite saddening to observe such grand corruption cases left unprosecuted when they drastically drain the economy of the state. This revelation was brought by Sik, Endre in 2002. Therefore, for the economy to actually perform better there is need to put a stop to corruption and the victims should be subjected to the full consequences of their actions regardless of who they are as pertains to the governing system. Let me also affirm that no one should be indispensable when alleged with corruption case.
Some of the things that fuel corruption are: income disparities, unemployment and greed, therefore if properly addressed many of the crime cases will be solved and the economy would in turn be improved. Enabling access to the publicly declared assets and administering sanction upon individuals or official who don’t publicly declare their assets. Another way of combating corruption and building better system of governance, as observed in the system of the World Bank, is educating the citizens to hold their governments accountable on use of loans and the grants got from the World Bank.
Entrepreneurship should be encouraged among the citizens who helps in job creation and in turn adds on the states’ income generating business. Corruption intensively paralyses the economy and if left unchecked and eradicated, it may be fatal to the economy. Edward L. Glaeser (2003) recommends that the best way of ending corruption in the government is not by laying penalty on the victims but by removing the vast power that is vested on them.
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