There are a variety of factors that could be considered obstacles to economic development. One of those obstacles would be the tax policy of a state or country. If a state or country has a high tax rate, businesses may have less profit because they have to pay more in taxes. There are times businesses move to other states or to other countries because they are assessed lower tax rates in foreign countries.
Economic development may be hindered by the amount of regulations placed on businesses. If businesses have to follow too many rules that cause them to incur more expenses, as with rules about pollution control, businesses may feel less likely to invest or expand their operations. This may hinder economic development.
A shortage of skilled workers may hinder economic development. Businesses that need highly skilled workers will suffer if those workers are in short supply. One complaint of many businesses today is that not enough skilled workers are available to do the jobs that these businesses have available.
Economic development is very important to any city, state, and country. It is important to be sure not to place too many obstacles in the path of businesses that may hinder economic development from occurring.
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