How might a country with only one valuable resource develope its economy?

1 answer:

8 0

A country with only one valuable resource must be careful in developing its economies to carefully manage the revenues from the sale of that resource. Countries that have natural resources especially only one have faced what is called the "Dutch Disease" or a problem when an economy doesn't diversify and its manufactured goods suffer because the country's currency becomes overvalued because of the sale of the natural resource. So for a country with one or a few valuable natural resources the country must follow careful central planning to manage the revenues of the resource and also the further development of the economy.

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