Question

Identify one country that has made the transition from a poor country to relatively first-world economic status. What are a few of the characteristics of the country or its policies that facilitated this economic transformation?

Answer 1

When there is mention of change by a country from a poor country to a first world economic country, the first name in my mind comes Japan.

Before the Korean War, Japan's economy was very poor, it was compared with the lower countries, but because of Korean war, Japan benefited and after 1950s there was a growth in Japan's economy.

Characteristics:

1. Land reform: For positive changes in the economy of a country, land reforms are important.

2. Modernization of technology: With modernization of technology, we are able to save time and more production in less time has a positive effect on the economy.

3. Tax reforms : Improving the tax process will provide maximum income to the government, so that the government will do maximum public welfare work and this is the hallmark of a successful country.

4. Ease of doing in business: A country where there is no difficulty in doing business and foreign investors can invest easily.