What sectors of a country's economy should one focus on?
I know that a lot of work is required to jump start an economy but besides the obvious sectors (entertainment, tourism, culture, business, finance and arts) what are other key sectors of the economy that one should focus on? I am doing a project/essay and would like to attach a business plan of sorts detailing how (theoretically) to jumpstart the economy of a small country. Anyone that has info on the Sachs guy's business plan for the South American country should please include that as well.
Thanks loads!
Answer:
Without telling us which country u are in, there is little we can say to help
However, u can start with the natural resources and how to create a better trade deficit
Next, you can try to think of some products or services that your country can produce very well. For instance, if your citizens are naturally good at math, perhaps you can start a program to increase the engineering schools. Or if your citizens are naturally good artists, set up a competition to find the best, just like american idol, and then try to find buyers.
good luck
well jump starting an economy is not the best thing if you want stable long term growth. And I'd be careful using Jeffrey Sachs as an example of a business plan. He does not have a lot of supporters in the econ world as he does in the political world. If you are looking at long term growth then you must begin increasing productivity. The two most important ways to do this is investment in capital equipment and investment in education.
Example: Look at China's now booming economy. China bought out Russia's gold reserves when the communist govt. collapsed. He who backs his money with precious metals does well. He who takes the precious metals out of his money devalues the money and goes belly up financially. The government can only play with nothing for so long. We need to put value back into the American dollar.
It depends...first thing that comes to mind is that small countries are often poor places for investment due to government corruption, high taxes, and/or weak rule of law. If this is the case--which isn't always so--this would be a good place to start. Making the country attractive for entrepeneurial investment (both foreign and domestic) is a necessary base that enables everything else.
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Thanks loads!
Answer:
Without telling us which country u are in, there is little we can say to help
However, u can start with the natural resources and how to create a better trade deficit
Next, you can try to think of some products or services that your country can produce very well. For instance, if your citizens are naturally good at math, perhaps you can start a program to increase the engineering schools. Or if your citizens are naturally good artists, set up a competition to find the best, just like american idol, and then try to find buyers.
good luck
well jump starting an economy is not the best thing if you want stable long term growth. And I'd be careful using Jeffrey Sachs as an example of a business plan. He does not have a lot of supporters in the econ world as he does in the political world. If you are looking at long term growth then you must begin increasing productivity. The two most important ways to do this is investment in capital equipment and investment in education.
Example: Look at China's now booming economy. China bought out Russia's gold reserves when the communist govt. collapsed. He who backs his money with precious metals does well. He who takes the precious metals out of his money devalues the money and goes belly up financially. The government can only play with nothing for so long. We need to put value back into the American dollar.
It depends...first thing that comes to mind is that small countries are often poor places for investment due to government corruption, high taxes, and/or weak rule of law. If this is the case--which isn't always so--this would be a good place to start. Making the country attractive for entrepeneurial investment (both foreign and domestic) is a necessary base that enables everything else.
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