Economic development is the process of increasing the economic performance of people and businesses in a nation to improve the quality of life for its citizens. This can include improving income levels, creating jobs, and boosting economic output for the country. It often involves focusing on policies to promote investments, increase productivity, promote technology, foster trade, and create jobs. Additionally, economic development involves helping people, households, and businesses access the resources, services, and goods they need. This includes improving education and skills, providing health and social supports, promoting access to credit and capital, and addressing global issues such as poverty and climate change.

Study program overview

A degree in economic development provides students with the skills necessary to identify, plan, and implement economic initiatives in a range of fields. Through their studies, they will gain a deep understanding of the economic system, learn various models of economic development, and be equipped to tackle newer and more developed systemic economic challenges.

The economic development degree is designed to provide students with an understanding of economies and their development. Students who take this degree will be able to analyze micro- and macro-economic figures and use this data in order to develop strategies for improving local, regional, national, and global economics. Students who specialize in this field also learn about governmental and private sector initiatives. Most graduate programs in this field include a specialization in development planning, which covers the study of economic planning, finance and banking, project management, and organizational leadership.

By the end of this program, students will be expected to foster an understanding of the complexities of modern economic development and the need for sustainable, equitable, and effective strategies that can improve society. They will gain the capacity to evaluate economic evidence, analyze and form economic policy, construct economic plans and markets, and explain and evaluate processes of economic development. This program also covers the insight of institutions, giving students an understanding of how economics interacts with other fields of society.

Career opportunities

Obtaining a degree in economic development has become an increasingly attractive educational option for those seeking career opportunities in the public, corporate, or nonprofit sectors. Through a rigorous course of study, graduates of an economic development degree program acquire broad knowledge of the economics of development and the tools necessary for sustainable economic growth. These skills can open the door to many exciting careers in the field that allow for a meaningful impact on a global, regional, or local scale.

Graduates may choose to become involved in regional planning, working with public and private organizations to address the unique economic development needs of their region. Many organizations, such as chambers of commerce, financial institutions, and corporations, are in need of individuals with highly specialized knowledge in the economics of development to help them make strategic decisions.

Graduates may also consider a career in international economic development. Professionals in this field may find themselves working in agencies and nonprofits that strive to alleviate poverty, create social programs, and involve themselves in humanitarian efforts. They may also join international organizations such as the World Bank or the United Nations to help formulate economic policy and initiate economic development projects.

Career opportunities for graduates in economic development are far-reaching, offering the chance to work either in the public or private sector to address global, regional, or local economic development needs. Graduates can leverage their degree to become business analysts, consultants, directors, or project managers in organizations that strive to make a positive economic impact on the world.