Factors Affecting Economic Development

1086 Words5 Pages
Nowadays the development in all perspectives and ways, is the main focus in our society. We live in a society that has been constructed with an economic system. We buy, consume, sell, etc. Almost everything is part of a trade cycle, almost everything is part of the economy of a country. A good economy is sign of development. The economic growth of a country is essential for developing countries. A developing country, also called a less developed country or underdeveloped country, is a nation with a less developed industrial base, and a low Human Development Index (HDI) relative to other countries. On the other hand, since the late 1990s developing countries tended to demonstrate higher growth rates than the developed ones. Is easy to get…show more content…
Economics is basically decision making. More specific, decision in how to allocate our resources. Therefore the availability of resources is pretty important for the economic growth of a country. The principal factor affecting the development of an economy is the natural resources. Among the natural resources, the land area and the quality of the soil, forest wealth, good river system, minerals and oil-resources, good and bracing climate, etc., are included. A lot of developing countries have an economy based in the agriculture, so they focus an important amount of their PIB to improve the ways of production in agriculture and livestock. Is acceptable to argue that with a better allocation of the resources or money in order to improve the main income for a country is…show more content…
The difficulty for developing depends in each country. For China even though US is against them, they are developing really well, because they have the capability and the ways to do it. Now, you can make a comparison with Cuba. US since 1960 has imposed an embargo for Cuba. The United States embargo against Cuba (in Cuba called el bloqueo, "the blockade") is a commercial, economic, and financial embargo imposed by the United States on Cuba. Over the years, this embargo has change a lot. At the beginning, US only stopped to import sugar, the principal farming and important income. Then the embargo got stricter, not only opposing the any kind of relation with Cuba for US citizens, but also economic and trade relations for others countries, putting at risk the relation of those countries with US. Cuban embargo is a good example of how hard is the development with economic barriers. US insulated Cuba from the economic relations of other countries using their soft power and persuasion. Cuba has being bordered for more than 50 years, being unilateral in economic terms. The developing for Cuba is a hard topic. Nevertheless, Cuba is developing slowly but
Open Document