Economic Convergence™

A Proven Model for Economic Growth and Prosperity

Accelerating Economic Convergence

Newdea’s Economic Convergence Model facilitates the economic growth of nations and shortens the Economic Convergence life cycle.

Countries with foresight can engineer themselves to be the most attractive investment targets in the developing world. This will take a combination of leadership, vision, political will, policy development and know-how. When they get these elements right, multiple problems become vast opportunities:

Employment increases
Dignity is restored
Families become stronger
Communities become safer
Tax revenues bulge
Healthcare improves
Education extends to all
Entrepreneurship flourishes

Much of this potential growth is curtailed due to high risk, low returns, and corruption. In short, those with the capital simply don’t trust the investment environment in developing nations.

Seizing this opportunity for sustainable economic growth will not be easy. Governments must understand their current economic path and, if they choose to pivot, they must first gain the financial and political support of government and citizen stakeholders. Such a pivot will also require sophisticated change management and expert consulting to truly be successful.

THE HISTORY OF ECONOMIC CONVERGENCE

In the 1960’s, Singapore, Taiwan, and S. Korea were among the most corrupt and poorest countries of the World. Following the Convergence Model, it took 35 years as they went from the bottom of the economic ladder to the top. Today, countries like Rwanda, India, Vietnam and Emirate Dubai have also followed the Convergence model and are seeing business investment escalate – creating jobs!

Developing Countries have to Make a Choice

Developing nations fall into one of the following three economic models developed by Clark Kerr:
Divergence, Dependency, Economic Convergence. Without a deliberate pivot, will determine their fate.

1. DIVERGENCE

If international governments and private sector markets do not participate in a country due to leadership, war, or policies, then the country’s economy declines because of isolation, while poverty and corruption continue to increase.

2. DEPENDENCY

Today, many developing countries are following the “dependency theory” in which they rely on AID, charity, and loans to sustain their country. No country has ever become “developed” through this form of economics. That’s why many countries lose their sovereignty to those who provide the AID and loans, resulting in millions of people relegated to a permanent cycle of poverty with no access to jobs or opportunity.

3. ECONOMIC CONVERGENCE

In the early stages of industrialization, a country can choose— through the adoption of technology, policy, and leadership—to be accessible and attractive to international markets of private capital and investment. If managed effectively, countries can become industrialized far more quickly than they could otherwise achieve.

How it Works

The Plaza Platform gives Government the instant benefit of consolidated sovereign data. With the power of data collection at their fingertips, governments are able to track projects, budgets and outcomes, putting this data to work and accelerating their economic growth!

MATURITY MODEL

The development of the Maturity Model is critical to the on-boarding of the government mandated Plaza platform. Additionally, the Maturity Model is required to achieve Economic Convergence. This is why Plaza facilitates this process and allows others to participate in this process, including the social sector, businesses and citizens.

SOVEREIGN DATA

Trusted, quality data has become a critical commodity for the future of economic growth. As demand for trusted data increases, governments must own and properly govern their data as a core asset for the country. This requires a partner with expertise in how to collect, manage, and monetize that data.

USER COMMUNITY

Economic Convergence means developing nations are not doing it alone, but now working with other countries, agencies, and businesses on a common path towards sustainable economic development. Economic Convergence also goes beyond the engagement of a single leader. It is a mindset change for the entire country.

The People Who Power Plaza™

Economic Convergence means developing nations are not doing it alone, but now working with other countries, agencies, and businesses on a common path towards sustainable economic development. Economic Convergence also goes beyond the engagement of a single leader. It is a mindset change for the entire country.

1. Government

All government works, agencies, projects, budgets and services will run through Plaza, offering clear efficiencies in time and money for both citizens and the governments themselves.

2. Social Sector

NGOs, non-profits and multi-laterals will be able to access reliable data for their planning and asset allocation, using information that is not broken apart into silos, incomplete or inaccurate. They will also be able to contribute their knowledge and experience to help countries plan the policies and research that drive the Maturity Model economic master plan. They will play a key role in helping countries build out the environment for business to thrive.

3. Business & Investment

In order to be successful, businesses need accurate and detailed data to make decisions, understand markets, develop products and reach clients. Plaza also opens the door for new opportunities that entrepreneurs can take advantage of, such as e-commerce.

4. Developer Community

Due to its Open Source base, the platform allows us to attract technical talent across the globe seeking to make a difference, and to profit by selling Apps and services to users.

5. Citizens

Individuals will be able to interact with government, its services and data far more easily. Citizens will finally have a voice, be able to provide feedback and input through surveys/research and receive appropriate value for their data.

Newdea News

Newdea at Transform Africa Summit 2019

by Emily Van Eps | May 15, 2019 | All, News, Tech

Newdea joins Smart Africa and a host of thought leaders across business and technology sector to shape the ideas and solutions that will transform Africa into a thriving continent. We will post more news and share our presentations here shortly. To receive...