Economic Growth

Why is there no similarity in growth if countries have the same tools, such as access to resources and historical and social context? According to the CIA Fact book, the data shows that countries do not expand their standard of living at the same pace as each other (263). Countries such as Saudi Arabia and North America have achieved higher living standards than countries in Asia, South America and Africa. Some of the reasons for this difference in economics is that some countries do not change the ways things have been done. To personify, Dj Khaled is a musical engineer who, just a few years ago was nonexistent. Presently, Dj Khaled has a social media following of thirteen million people and has been able to diversify his income. Within five …show more content…
As seen in Nigeria and Sierra Leone, there are many factors to this equation. Diversification in income serves as a huge catalyst for this stability in economics due to nations changing export strategies. In Nigeria, former President Goodluck Jonathan, had issued an economic plan in 2010 that would increase transparency, diversify economic growth, and improve fiscal management (Gyong 23). Thus proving, economic diversification is needed to improve and grow their economy. In countries with resource rich economies, it important to accept new markets and technologies so that there are diverse sectors. Israel serve as a key example of this strategy to diversify. Oren Gershtein, Israel 's chief executive of Israeli technological incubator explains Israel 's method of diversifying and creating new opportunities for businesses by saying “Israel is in the business of exporting companies, but while we export our companies, we retain the know-how and inject cash and capability back into the ecosystem to build the next company. Our strategy is to think ‘exit’ from day one.” This method has helped Israel become seventy percent more free financially compared to Nigeria This diversity in markets also influences globalization because it allows for foreign and local agents to trade and also invest. In conjunction, trade and more exports impacts job creation, which then becomes another growth factor in the economy. More importantly, with this job creation, more women have gained access to education, thus increasing literacy rates in many different countries, such as China and India. In summary, its important to note that even with different historical or political histories, diversification in income, globalization and education are keys to a strong