Consider a small tropical island nation with the usual swaying palms and sandy beaches. It has...

Consider a small tropical island nation with the usual swaying palms and sandy beaches. It has a healthy, literate population, and the population growth is stable but its economy has been stagnant for several decades. Until recently, a dictator controlled nearly every aspect of the economy (and rather unsuccessfully). Since his death, the country plans to create a parliamentary system of government. There is arable land for farming with more than adequate output for the population. The island has no known quantities of coal, oil, or other such natural resources. Since the dictator’s death, relations with the rest of the world are improving and trade agreements may be negotiated.

Outline an economic growth plan for this nation which will give it a healthy, stable economy within 5 years. Do this by choosing from the factors which drive economic growth and discussing those which you believe are going to be the most helpful.

Expert Solution

Rahul Sunny answered 2 years ago

Consider a small tropical island nation with the usual swaying palms and sandy beaches.It has a...

Consider a small tropical island nation with the usual swaying palms and sandy beaches.It has a healthy, literate population, and the population growth is stable but its economy has been stagnant for several decades.Until recently, a dictator controlled nearly every aspect of the economy (and rather unsuccessfully).Since his death, the country plans to create a parliamentary system of government.There is arable land for farming with more than adequate output for the population.The island has no known quantities of coal, oil,...

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