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In: Economics

How would you compare the diversification of economy and labor force skill set in Botswana, Venezuela...

How would you compare the diversification of economy and labor force skill set in Botswana, Venezuela and Chile?

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Expert Solution

Diversification of a Economy has been applied as a strategy to encourage positive economic growth & development. It is the process of shifting an economy away from single income source toward multiple sources from growing range sectors & markets. And diversification of labour force implies that ; valuing the talant, potential & expertise of the community members that differ based on gender, religion,social status,nationality,disability etc, diversity of labour force skill contribute to the development of the working environment.

Botswana economy maintained one of the world's highest economic growth rate since its independence, it was recovered from the global recession in 2010,grew modesty until 2017, Botswana also ranks as one of the least corrupt country and best for business in sub Saharan Africa.Botswana economy closely follows global price trends for that one commodity,, Its economic Expansion & currently accounts for one quarter of GDP approximately 85% of export earnings and one third of govt revenues. Due to its heavy reliance on diamond exports. According to the official govt statistics, unemployment is around 20%, but unofficial estimates run much higher,Botswana economy closely follows global price trends.Botswana engage in tourism related services.

As per the diversified economy ; Venezuela govt sets on revenues , highly dependent on oil revenues for export earnings. Veneulea entered selective default on some of its sovereign & state oil company, The Venezulea govt continues to rely on imports to meet its basic food & consumer goods needs, Venezulea govt response to the economic crisis to increase over the economy , it also maintained strict currency controls , as per price & currency Control , local industries have struggled to purchase production inputs necessary to operate their Operations the local markets.

Chile has a market oriented economy characterized by high level of foreign trade & reputation of strong financial institutions in south America, its exports of goods & services approximately one third of GDP. Chile deepended on long standing commitment to trade liberalization with the signing free trade with US , it is becoming the first south American country to join the OECD Copper is chile's top export and provides 20% of government revenue. In 2014 President Michelle Bachelet introduced tax reforms aimed at delivering her campaign promise to fight inequality & provide importance to education & health care. The Chilean govt followed fiscal policy to accumulate surpluses in sovereign wealth funds during periods of high copper prices & economic growth.


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