Introduction The Balance of Payments (BoP) is a crucial financial statement that captures all economic transactions between residents of a country and the rest of the world over a specified period. These transactions include trade in goods and services, cross-border investments, and financial transfers. The BoP is essential for understanding a country’s economic position globally, […]
Introduction The global economy has long been dominated by the U.S. dollar, which serves as the primary currency for international trade, financial transactions, and reserve holdings. However, recent geopolitical shifts, economic challenges, and technological advancements have sparked discussions about de-dollarization and the potential establishment of a new international trade currency. This article explores the concept
“The problem of economics is to find the best means to the best ends” -Paul Samuelson Introduction Nauru, a small island nation in the Pacific Ocean, has a history marked by extraordinary economic highs and devastating lows. Once one of the richest countries in the world per capita due to its phosphate mining industry, Nauru
Nauru’s Economic Odyssey: From Prosperity to Peril Read More »
Introduction The Human Development Index (HDI) is a composite measure designed to assess and rank countries based on their levels of human development. Created by the United Nations Development Programme (UNDP) in 1990, the HDI provides a broader perspective on well-being than purely economic indicators, incorporating health, education, and income. The HDI for 2023-24 offers
“Our task is not to fix the blame for the blame, but to fix the course for the future” -John F. Kennedy Economic growth has traditionally been measured by Gross Domestic Product (GDP), which calculates the total market value of all goods and services produced in a country. However, GDP has significant limitations, particularly in
