Diversifying national economies

Having structurally flexible national economies

Description

Diversifying national economies involves expanding economic activities across multiple sectors to reduce dependence on a limited range of industries or resources. This strategy aims to enhance economic resilience, create jobs, and stabilize national income by fostering investment, innovation, and skill development in emerging sectors. By broadening the economic base, countries can mitigate risks from market fluctuations, commodity price shocks, and external disruptions, thereby promoting sustainable growth and long-term socio-economic stability.