The Importance of Proper Resource Utilization

598 WordsFeb 24, 20182 Pages
The ability of an country to use their resources is not connected to the current state of the economy, in many cases the opposite, where the ability of a country to use their resources affect the country’s economy, is true. Vietnam is a prime example of a country that’s use of resources allowed them to parlay it into a strong economy. When Vietnam opened up their economy to the West, many foreign investors jumped at the shot. Vietnam’s agricultural output doubled in only 20 short years. Vietnam capitalized on the rich farmland and parlayed into creating the 2nd largest exporter of rice and 17th largest exporter of agricultural goods in the world.While this growth in a necessary resource took place the Vietnamese economy skyrocketed. During the same time period of immense growth for Vietnam's agricultural industry the country’s GDP skyrocketed by over 25%. These simultaneous actions are directly linked. As the Vietnamese agricultural industry was exporting food, among other products, at a historic rate the Vietnamese economy benefited from the new income earned by everyone that had a connection with the process of moving the agricultural products from seed to shipping. This is the case because as people earn money they will go and spend that newfound cash elsewhere giving shopkeepers more money creating a cycle of money exchanging hands for rates. Even for Vietnam’s success in changing their resources into economic success there are going to be examples of countries like
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