Using the customary standard for size comparison

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Consider a relatively small, tropical island nation (using the customary standard for size comparison, this nation is roughly 35 Rhode Islands). It has a healthy, well-educated population and the population growth is stable. Its economy has been stagnant at best, declining at worst for 50 years. The government has been very controlling—it is totalitarian but it may move to a parliamentary system in the next few years. There is adequate arable land for farming. Mining is not viable since no extractable resources exist.

Outline an economic growth plan for this nation which will give it a stable economy for the foreseeable future.

The best answers will take a systematic approach. Be sure to state any additional assumptions you are making.

Reference no: EM131244729

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