Countries across the globe rely on different factors of the economy to bring about growth and development to its citizenry. Some of these factors are naturally-occurring while others are man-made. The success rate of these factors of the economy depends on how the authorities manipulate them for economic gain with competent governments able to use its technical expertise and know how to ensure sustained growth. This piece highlights some of the economic boosters that leading countries in the world use to stay afloat in the economic landscape.
- Trade & Industry
Most of the leading economies in the world like Japan and China attained their status because of trade and industry. These countries are able to generate a lot of income from the sale of goods produced in their industries. The goods are either sold locally or abroad to other countries who for one reason or another do not manufacture those particular items. Electronics, automobiles, foodstuff, construction materials, and kitchen appliances are some of the things that the leading countries produce in their industries for sale. To remain competitive and keep their productions costs as low as possible, these countries have adopted technology in their production and manufacturing processes. Trade and industry have not only brought increased revenue for these countries but created employment opportunities for the youth, and this has helped them lead comfortable lives.
This is another factor of the economy that has helped leading economies in the Europe and Asia stay afloat. With most countries taking the industrialization route, the agricultural sector has been left unexploited and those that are still doing it earn a lot of revenue through the sale of agricultural produce. Rice, wheat, fish, soybeans, and palm oil are some of the major exports that bring a lot of revenue to the leading countries when they are sold abroad. Some of these food items are perishable but with advanced packaging technology, they can be shipped all over the world without going bad.
Countries with amazing landscapes and naturally occurring features such as geysers and majestic beaches attract a lot of tourists that bring a lot of revenue. Wildlife and natural vegetation are other features that attract tourists from all over the world, and with proper management of the attractions, the countries are able to generate a lot of revenue, spur growth, and development. Brazil, India, Croatia are some of the countries blessed with tourist attractions. The fact that most of these attractions are natural means that will be available in the long run, and this guarantees continued revenue streams for the countries.
Minerals are quite valuable, and the countries that are blessed with huge benefits of them are able to generate a lot of revenue when they mine and sell them. South Africa has huge deposits of gold and diamond that generate a lot of revenue when they are sold globally.
Countries across the world use different aspects of the economy to generate revenue for their operations. Above are some of the factors the top economies use to stay afloat.