It is very important for the economy of a certain country to have several industries developed. But it does not mean that there are no countries that became very successful in the world market with one developed industry.
First of all, all of it depends on the industry we are talking about. For example, there are many countries that are thriving because they have a lot of oil, the industry is very important for any country, and developing it can result in a very successful place on the world market.
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The Advantages Of A Successful Industry
Most of the countries around the world are trying to develop as many fields as possible. Having a successful industry like the oil and gas industry can help the country to further develop other fields as well. There are some countries that managed to develop the tourism industry with the help of the oil and gas industries.
Forex trading represents one of the most popular ways of trading around the world. Forex brokers can help us understand better that it is very much possible for a country with one successful industry to thrive. Forex trading is very simple. While trading Forex, you are buying one currency, while, at the same time, you are selling the other one.
There are also some countries that focus more on technology and future advancements. By developing this industry, countries have the opportunity to have a relationship with leading economics in the world, providing them with necessary tools, while also gaining financial gain for themselves.
But, in general, it is very hard to maintain the country’s economy with only one successful field. For example, leading economies in the world like China, make sure that they have many fields developed. This helps them to further develop their economies without worrying about failing one of them since they can always have a ‘plan B.’
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Macau SAR in China is a fully autonomous region. China ensures the safety and foreign relations of the region. Macao developed the casino industry so much that it has become one of the most popular destinations for gamblers in the world and the sector was able to bring hundreds of millions and billions of dollars to the economy.
In 2017 Macau's economy was growing faster than any nation and ranked among the world's 25 richest. In 2017, the economy of the Special Administrative Region grew by 9.1 percent, almost triple the rate of global GDP growth.
Qatar represents one of the greatest examples of how one industry can help the country thrive, it stands to be one of the richest countries in the world. It managed to maintain its status because of the hugely successful oil industry. The nation has more oil reserves than any other government globally. It represents 13 percent of the global supply. This natural resource brings tens of billions of dollars annually to the nation with under 3 million citizens.
In conclusion, it is simply very hard to say. It all depends on the resources that the country has. There are many fields that can ensure the country’s economy to stand strong, but everything needs the right management and governance.
Countries like Qatar show the world that the economy can be developed by only one field, while countries like the US and China show that it is very important to have several different fields developed to stand on the top of the game.