Top 5 Ways A Country Can Boost Its Economy
It's not been a flush past few years for most countries. The global economy has struggled to cope as people, businesses, and governments drive themselves further into debt. Amidst the mud and the mire, banks are collapsing, pubs are closing, and politicians are sweating about their budgets.
But there are plenty of ways a country can boost its economy, and it's not always as complicated as it sounds. Here are the Top 5 ways a country can boost its coffers.
Sometimes things can just fall into your lap, other times a country has to work hard to make it appealing. Either way you have to take advantage. New Zealand did. Since 2001 – the year Lord of the Rings was released – the country has seen a 50% increase in arrivals, with tours in particularly contributing millions to the economy.
Elsewhere natural landforms can be a major factor in tourists visiting. Take the Plitvice Lakes in Croatia for example. Over 20% of tourist arrivals in the country is motivated by exploring the natural areas, whilst Plitvice alone welcomes over 1.2 million visitors each year.
Regulate Online Gambling
Certainly a battle going on in the US at the moment is the legalisation of online gambling. So far four states have regulated the industry with online casinos in New Jersey alone making $61.9 million since launching in November. Which could be a healthy boost to a country's economy.
In Australia, over 80% of residents enjoy a bet, so by legalizing gaming in Australia the government could generate a staggering extra $201million per year.
Win An Olympic Bid
Speculate to accumulate is the game here. Despite underestimating the cost, the UK economy saw a £9.9 billion boost in trade and investment from hosting the games with more tourists visiting the country as well as the ‘feel-good' factor the Olympics brought encouraging people to spend.
That of course means all eyes are on your nation too, just as the World Cup is now in Brazil, it's the greatest show on earth, and billions across the globe have their eyes on the host country.
Use Natural Sources For Energy
Across the world countries have untapped natural sources usable to create energy. Whether that be the desert sun of the Sahara, or the rushing deltas of Bangladesh, there are plenty of methods to step away from coal, gas, and oil and go green.
Kenya is certainly reaping the rewards and could produce $45 billion by 2030 on top of a cleaner environment and greater food security.
Make the Unemployed Volunteer
It's been a heated debate across the world, but with chunks of welfare budgets going on unemployment benefits, governments could put them into action and make people volunteer. Not only would it mean the likes of non-profit organisations would be getting extra help but it could build peoples skills to create a more educated country and job-seekers more desirable in the world of employment.