Economic diversity
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Economic diversity or economic diversification refers to variations in the economic status or the use of a broad range of economic activities in a region or country.[1] Diversification is used as a strategy to encourage positive economic growth and development.[2] Research shows that more diversified economies are associated with higher levels of gross domestic product.[3]
Diversification types
[edit | edit source]- Non-connected diversification – creating a new area. The process is slow, because it is needed to create a whole infrastructure, but the profit would be higher.
- Connected diversification is based on an economical mechanism for expanding the available potential. For business development it means low risks and good margin.
- Combined diversification – more frequently both methods are used together.[2]
Diversification examples in countries
[edit | edit source]Good examples of national economy diversification are Chile, Malaysia and Brazil.[4]
See also
[edit | edit source]- Diversification (marketing strategy)
- Commodity dependence
- Financial inclusion
- Western Economic Diversification Canada
References
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