Ever wished to ride in a fancy car with top down? or envied a romantic boat ride in Venice? Well, all you need is a huge pile of ‘Precious Paper’! The very paper we all averted as a child suddenly turned into extremely precious, it became a symbol of status, a symbol of power. Money became the key to live.
Large people living together make a country, and its economy makes its run smoother. May it be development or meeting the needs of people, an economical strength is all that matters. Many countries continuously strive to build their economy; but putting some brilliant ideas at work makes it achievable.
Over the history, many countries drained their acquired wealth while some built economy form rags, these success stories remain fascinating.
- South Korea
It is said that ‘Books are the ultimate treasure‘ and Koreans strongly believed in it. The aftermath of Korean War were years filled with struggle to live. Economy was unstable and life became harder. Education was viewed as a gateway to evade all their miseries. Unlike other poor countries, education was highly encouraged and that proved to be a great enhancing factor for their economic boost.
Koreans capitalized every opportunity in the market post Korean War, dropping oil prices and increased demand of Iron and steel was seen as a new opening. Soon their economy saw a boom!
- United Arab Emirates
Top notch cars roam for hire…, tiger cubs are the most loved pets… In short, a dreamland on Earth. Well, the situation wasn’t enchanting about 30 years back. The vast availability of oil resources enabled them to survive but they realized that investment in resources alone isn’t enough. They were in a situation of getting kicked off from the market race. Soon, enormous investments in real estate and airlines brought them immense wealth. Gigantic and innovative structures appealed to the world, and poverty? Stupid question.
Born poor, die rich was their motto and they never failed to stick to it. The past economic track was rubbish, unstable economy and lacking resources hindered their initial economy. It all started from the Jews immigration from USSR. Few survivors managed to settle in the country and soon started contributing to make their living. The Jew’s involvement became a boon and the country saw an increase in man power. Newer avenues opened with their arrival, greater immigration led to greater employment. R&D field too saw an increased interest in the recent years. Soon Israel became a ‘land desirable’.
‘Made in Japan’ was a symbol of fine craftsmanship in the late 19’s. Japan was always a peace loving country and people worked hard to make their living. Post WWII era was a nightmare; the country’s system was disrupted. A sudden shock to which the country was unprepared left it baffled. With the US help, Japan began its steps towards development. At a point of time, Japan was the only center to manufacture technology that remained impossible to other countries. R&D proved highly advantageous asset to the country.
The beginning was never easy, its journey as an independent country started in 1965 and many doubted its survival. The country was small with low population and unlike other countries, it lacked natural resources. With no prior wealth, the newly budding country had a hard-time developing. With the necessary measures taken, the country soon brought foreign investments and trades. A newly formed economic hub paved a path towards development, tourism was a highly invested area and the results were soothing. Government’s handy laws and efficient functioning behaved like a catalyst to its development.
The military involvement in the administration destabilized the Taiwan economy deterring its development. Need for a greater-stable currency rose. Industrialization was viewed as a key to this problem. Companies like IBM paved the paths to investors and also expanded their empire within a very short time. Textiles too were largely invested and raced towards growth contending with technology. This era of surge in Industrialization came to be known as ‘Taiwan Miracle’.
In the mid African region, this small country shone bright. The country soon turned this shine into an asset. Botswana, a country which was left to its own development and made into poorest countries in the world, soon became one of the countries with a boosting economy. Its rich Diamond resources fostered the economic development and the country saw an immediate rise in its scale. The timely governance and trading of the country finally made it an upper middle-income country.
The greatest power saw a greatest downfall too. Russia’s economic graph shows a series of ups and downs, the great recession was the most notable downfall in its economic history. The financial crisis hit Russia and it saw trillions of loss in shares and a drop in market. Bouncing back, under leadership of Putin Russia managed to increase its GDP and earn its lost market. Oil price saw a rise; Russia was back in power again!
The land of diversity was initially the jewel of world. Colonization and post independence era were years with tough economic growth. Improper governance and corrupted bugs deterred the development. India largely invests in agriculture which contributes a major share in the world market. Exports of natural resources constitute about 38% in the Indian economy. The recent years saw a rise in R&D field and industrialization.
With a staggering rate of 8.6% rise in GDP, Myanmar drove the world’s attention. The country is expected to be with the highest raised economy in recent times, says the International Monetary Fund (IMF). Reasons quoted were better agricultural results and increased exports. Myanmar’s latest rise in its economy is the greatest rise in recent times.
Though many countries are highly focused in accelerating their economy, the vast gap between rich and poor is remaining unchecked. While some make into Forbe’s list, others struggle to find food. Corrupts are retarding the growth and need for good governance is raising.
“The rich get richer and the poor get poorer”