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In todayís economic environment of slow growth and continued volatility, every nation seeks some measures that could necessarily dampen expenditures so as to achieve economic stability. And one of the ways to have global status is austerity. But, unfortunately the critical problems which most of the nations face such as debt, high unemployment, depressed investment and many more continue to increase as asset prices continue to fall, hence the economic crisis. And the way it is being implemented practically is irrelevant as the practical outcomes are seen declining.
However we cannot succeed in the process by depressing current economic growth, instead we need to tackle out the main areas so to correct the debt and encourage economic growth. Now it is the time to grow in economic strength worldwide in order to weather the hardships of austerity in the future.
(This entry is part of our FE MASTERMIND contest. The views expressed in this article are personal and not that of the newspaper.)