Answer:
Manpower is extremely critical to the attainment of development status for every nation or legal entity on the planet.
Explanation:
Manpower is a basic requirement because it is the only factor of production that enables any entity to convert other resources into productive use.
So in essence, the wealth of any nation is directly proportional to the:
- Quality
- Quantity and
- availability of its people
Quality Factor: The quality of skills refers to the kind of problems that a nation is able to solve.
Some nations are ardent at transportation problems, some are able to solve manufacturing problems at a global level, some are solving food problems at a global scale, some are solving medical problems, other entertainment, business, IT, etc
Every nation has a blend of capacity in some if not all of these areas all made possible by the kind of human capital that are at it's disposal.
Quantity Factor:
China today is the world's industrial/manufacturing hub. They boast of the cheapest labor with reasonably high levels of dexterity.
This has become an advantage and a major strategy for their economic growth given that most businesses are now attracted to that geographical location by their tax and legal-friendly environments. What this does it that it increases their capacity technologically and also contributes to their internally generated revenue. When a country's population is 1/3 of the population of the world, it certainly does count.
Availability Factor
Brain drain is the single most problematic factor affecting the availability of human capital for any nation. What such a nation must is to implement any condition internally that has the potential or capacity to reverse the export of talents outside of its geographical location. Because if a nation claims to have high-quality human capital, that it has no access to, then its as good as having none.
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