In recent years, the world has experienced a number of economic and social challenges that have put developing countries into difficult situations. The most notable one is the recent global economic crisis that affected the economies of most countries, both developed and developing. However, the impact of such economic fluctuations is often more adverse on developing countries than on the developed ones. Developing countries have weak economic structures, which do not have the capacity to withstand tough economic times and sudden changes in economic conditions of the global market (Gorski, 2011, p. 43). Analysts have come out clearly, stating the need for developed economies to take necessary actions in helping these developing countries during such tough economic periods. This paper highlights some of the ways in which developed economies can aid the developing countries during such sudden changes in normal economic conditions.
Provision of Aid to the Developing Countries
Aid can be in the form of directly offering money as a gift, provision of loan guarantees, supply of food and foodstuffs to citizens of poverty stricken countries or military aid. Most developing countries lack the required financial basis that is necessary to withstand certain degrees of economic uncertainties. For instance, in the case of global recession, most developing countries run short of funds to keep most of their industries in operation. This is because of the unstable currency of these developing countries. Developed economies can, therefore, provide such financial elements as donations and loans to help in maintaining operations of the developing economies. Developing countries tend to lack the necessary technologies to maintain high production of food during poor climatic conditions. The current trends of global warming massively affected the level of food security in the developing nations. Developed countries should consider offering food donations to such developing countries in order to sustain life. For instance, in most of the Sub-Saharan countries, children and mothers are dying as a result of lack of basic facilities, most notably food and water. Developed economies must respond to such humanitarian crises that occur as a result of the current economic fluctuations (Gorski, 2011, p. 50).
Provision of Free Medical and Healthcare Facilities
Current fluctuations in the global market have led to the instability in the provision of basic health programs to people in most developing countries. The cost of acquiring medical products and services has continuously become unattainable by governments in developing countries (Benetti, 2003, p. 102). In most cases the quantity of medical products and services that these governments acquire for their population tends to be insufficient for the population. This accounts to the high population and population growth rate in these countries. Countries that have strong and established economies must consider establishment of free medical centres in certain locations of the developing countries. Provision of personnel, such as doctors and nurses to such locations would also be essential in preventing loss of lives in these developing countries (Benetti, 2003, p. 103).
Trade is another channel through which developed economies can help the developing economies during the current harsh economic times that the world is experiencing. Strong economies should increase and promote trade with the developing and weak economies as a way of improving the performance of such economies. Increasing trade between developed economies and less developed economies may take a long time. It is also difficult and costly for developing economies to produce products and services that fetch high costs in the global market. However, trade between the developed economies and less developed economies can massively help the weak economies to establish diverse and robust economies, which offer relatively high wage rates for local residents. In the event, that involved governments manage trade between them well, trade has the capacity of facilitating drastic improvements in the developing countries during and after the harsh economic times, as seen in the case of China and India (Hauss & Haussman, 2012, p. 41).
Foreign Assistance to the Weak Economies
Strong economies can provide assistance to weak economies during tough economic periods in a number of avenues. One way is through introduction of superior technologies and production systems in the key industries of developing countries. Countries with developed economies can identify industries that hold economies of the developing countries. After conducting an analysis of the production state of a developing country, a developed country may introduce a technology that is likely to have positive impacts on the developing country. Such impacts may include creation of additional job opportunities, reduction of production costs or increased benefits from economies of scale. Technical assistance may have a lasting and remarkable impact on the state of an economy of a developing country. However, after addition of such technical structures, less developed economies must come up with ways of looking for funds that will keep the systems in operation after withdrawal of the aid (Madura & Jeff, 2009, p. 62).
Developed economies may not have the potential and financial ability to save developing economies from devastating effects of the economic crises. However, they have the capacity of helping such countries to sail through such hard economic moments. Thus, it would be suitable and ethical, if developed economies contributed in supporting developing economies during periods of global economic and financial crises. Developing countries, on the other hand, have the obligation of establishing conditions that support aid from the developed countries. Such structures may include proper management of funds, lack of corruption cases and sustainability of the established support programs after withdrawal of support programs.