DETERMINING FACTORS OF A COUNTRY’S ECONOMIC STRENGTH
The strength of a country is determined by several factors, a country that will be regarded as being strong must indeed be a strong one and we are not talking about physical strength here but we are talking about the economic strength of a country like what really gives a country that strength it requires to be called a strong country.
The strength of a country is measured by the following factors
• How much strength does a country have to fight against any crises or defend themselves in the case of a crises economically?
• The political factor and necessary institutions available in a country also adds to the determining factor of the strength of the country.
• The level at which a country is paying off creditors also adds to the economic strength of the country.
• If there is a shock in the country’s laid down economic plan through a sudden crises, does the company have the ability to hold on to withstand and protect itself?
THE GROWTH FACTOR.
Growth is a necessary factor when determining the strength of an economy, a strong economy is a growing economy and there are different categories to growth, while some countries are growing really well others are growing at an average pace and in this case the strength of both countries cannot be regarded as being the same.
When describing growth as a major factor in the strength of an economy, we also want to consider if it is a stable type of growth, an unstable growth is not really good for the economy, when the growth is good and sustainable, then the economy of the country can be regarded as a strong one.
Growth also has to do with the future, does the economy have strategy in place that will lead to a constant level of growth? The growth at the moment does not count for much as to the strategy put in place for future growth.
THE SIZE FACTOR.
During an economic factor, a stable economy will find it convenient to pull through than an unstable one. The size is linked to the ability of the company to split its trade into various segments, a diversified country will definitely not be restricted to one source of income and when there is a sudden crises, it will be able to pull through.
THE WEALTH FACTOR.
The amassed wealth of the individuals in an economically strong country is highly important, in the case where citizens are financially strong and there is a crises, it is easy for government to tax citizens without causing any political or economic crises.
Hello @ireti
The truth is that determining the growth of a country, to be able to count it, should not be easy, besides there is always under-recording that affects the real results.
A country can grow at the level of companies, but still have a large number of poor people. Although it may seem absurd, it often happens.
You are correct dear @josevas217, it is highly possible to have more companies but lots of poor people, I only shared my view based on normal economic grounds.
Good article, Jose Marti said that "on the independence of individuals depends the greatness of the people", that means this, this only means that the more citizens are rich and with the ability to influence the production chain, the stronger a country will be.
Very correct thanks for contributing.