Economic Development in the World's Smallest Economies

This book examines three fundamental factors that influence the economic growth and development of the world's 93 smallest economies, which together produced 1% of global GDP. The objective of the study is to ascertain whether the countries analysed possess the requisite environmental resources, human capital, and cultural conducive to economic development, and whether they effectively utilize their resources. Consequently, the location and elements of physical geography are analyzed, including climate, soils, landforms and geological structure from the perspective of mineral resources abundance as well as marine and inland water from the perspective of water resource abundance. The changes in population from 1970 to 2019 are studied and the factors determining them, which are natural increase and migration. Finally, the demographic structure are examined. The analysis of cultures, including religions and languages, is undertaken to identify cultural factors that either support or hinder economic growth and development.