LOCAL ECONOMIC DEVELOPMENT

Local Economic Development (LED) is referred to as the plans, strategies, actions or interventions that are initiated or pursued at the local or community level to achieve economic growth. That is to enhance the economic capacity and well-being of residents and their communities. Key outputs include job, wealth creation and poverty reduction. LED is therefore an important contributor to the creation of sustainable livelihoods and communities and helps to accelerate the pace of economic growth in a country by bringing new persons, opportunities and neglected areas into the mainstream of the productive and development processes.

LED is not an alternative or substitute for the classical national economic development model, nor is it in competition with the model. Rather, it is complementary and is pursued in close alignment with national development strategies and programmes.