Natural resources undoubtedly play an important role in the economy of many countries but it is not necessary that country with least reserves to be poorest one of the world. Democratic Republic of Congo, Sierra Leone and Liberia are the richest in term of natural resources but has world’s worst growth rate. On contrary, Hong Kong, South Korea and Singapore have no natural wealth but are world’s fastest growing economies over the past decades. Industrial countries, which are largest exporter of cutting-edge technology, always believe that human capital leads all other environment resources. However most of time scarcity of resources leads to internal disputes, poverty, inequality, debt burden and deprivation and reliance on other nations. To shed more light on our topic, below is the list of world’s 10 countries with least resources.
1. Vatican City
Located near Italy, the Vatican City is surprisingly the country with no natural resources and possesses one of the strongest economies in the world. With its economy total dependent upon the financial backing by the Roman Catholics, Vatican City has a population of just 840 citizens while covering a total land area of about 110 acres. Amazingly with being deprived of natural resources, the country has got prestigious places in providing financial services to the world.
2. Costa Rica
Despite having almost no natural resources, Costa Rica has somehow managed to make its name among the developed countries in the world. Astonishingly high level of literacy and human development index still makes Costa Rica struggle hard to face the upcoming challenges.
Regardless of least natural resources, the Swiss nation still managed to be among the most shining and developed nations in the world; thanks to renowned brands Rolex and Nestle which have contributed massively towards Swiss economy. Due to congested land area, Switzerland doesn’t own big industrial properties but small factories have been established in various areas around. The economy is mostly dependent upon the export of products of above mentioned brands as well as the tourism.
Within small vicinity with no natural resources, Belgium has come a long way in struggling and becoming a shining country in the European continent. The existence of diamond cutting and light production industries have been the key assets behind the country’s present economy. But the absence of natural resources has made Belgium step down in Europe or else it would have been among the amazingly developed economies.
Coming through the war for the natural resources, Taiwan just managed to acquire few resources like coal and natural gas. It was a very negative aspect for the country but the determination in creating human resource has made Taiwan ranked among the biggest production giants in the world. With human resource of around 20 million, Taiwan has done something extra marvelous which must be appreciated.
Globally renowned to be the giant in automobiles industry, technological advancement and development, Japan isn’t fortunate enough to have abundance of natural resources. Being the owner of famous automobile companies like Toyota & Suzuki etc, it fetches huge financial resources from world. Japan lacks the natural resources whereas the overall expenses have made the country being in debt to others but regardless of that, it still managed to become the most developed nation in the world.
7. Hong Kong
Being regarded as one of the states of The Republic of China, Hong Kong possesses no natural resources. The economy is being balanced and is dependent majorly on the advanced assembling units and trading with the world. Before the 20th century, Hong Kong was under-shadowed by other Asian giants but after that, they have done exceptionally well to keep up and stand amongst the developed countries in the world.
8. Jan Mayen
Considered as a part of Norway, this volcano crawled island is totally dependent upon the financial support from Norwegian administration and governance. With having no existence of natural resources due to volcanoes, Jan Mayen’s economy is dependent upon the radio and meteorological services.
The hard work and exceptional success of Singapore doesn’t need any further introduction as the country has surfed a marvelous development era despite of lacking natural resources. The economy is dependent upon the importing of raw material and then exporting of refined products from those raw materials. Apart from that, Singapore has one of the strongest Information Technology Systems in the world which have made it able to be called amongst the Asian Tigers.
Located at North of Spain, this small resource deprived country has managed to stable the economy; all the credit to the tourism, internet gaming as well as shipping and financial services. The internal affairs of the country are handled by its own government but the defense and foreign affairs of the nation are handled by the United Kingdom. Besides all that, Gibraltar’s hard work in way to success is an appreciable fact.
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