The world could not have been where it is without the positive impacts of minerals. The blessings of oil are very evident in Dubai, Qatar and Saudi Arabia among other Middle Eastern countries. Dubai was once a backwater, before the invention of oil. Presently, it is a leading port city and financial center. The Madagascan Island is no exception. This archipelago does not have oil but it has other Madagascar minerals, spread all over the country. Oil and natural gas are not the only resources that can make people rich. Mineral deposits in Madagascar have attracted many investors.
The number one impact of mining is economic. When talking about mining, the first thing that most people will think about is the money that can be earned from carrying out mining activity. The Madagascan Island earns substantial foreign exchange as a result of selling mineral products to other countries. A nation needs to have dollars and pounds for foreign trade.
The average people are not excluded from the economic impacts of mining. As a matter of fact, some of them earn their bread as a result of mining. There are people who have moved from one income class to another because of being active participants in the mining sector. Some have earned millions or even billions from this economic activity.
The Madagascan GDP has been positively impacted by mining. This country used to have a small GDP that placed it among the least wealthy countries in Africa. That will not be the case in the next decade or two because the Madagascan GDP is growing at a very fast rate. That has led to the rise in per capita income.
Foreign direct investments are coming to Madagascar at a rate never seen before. People are planning in foreign capitals how they can invest in the mineral sector of this county. For any country to develop and attain high income status there is need for investments from foreigners. A closed economy will soon fail. Free market is a good economic system.
Investors are not bringing their money to the Madagascan economy just because of the presence of minerals. Many other countries in Africa have far greater mineral wealth but investors are shunning them. That is because this nation is more politically and economically stable than such countries. In some African countries, money can be lost in a bank. Madagascar has secure banks with great deposit protections.
Due to the rise of the mineral sector, other sectors are rising as well. In any economy, there is interdependence. Thus, when one industry grows, the others grow as well. When there is economic failure in one sector, it can easily spread to other economic sectors. Mining is dependent on efficient logistics, secure IT systems, and good financial institutions.
Madagascar is going places. It is on its way to become one of the wealthiest countries in Africa. Mineral wealth has greatly transformed the face of this nation. Skyscrapers are rising on the skylines of Antananarivo and other Madagascan cities. Economists have predicted that middle income status might be achieved by the nation sooner than was forecasted by the IMF.
The number one impact of mining is economic. When talking about mining, the first thing that most people will think about is the money that can be earned from carrying out mining activity. The Madagascan Island earns substantial foreign exchange as a result of selling mineral products to other countries. A nation needs to have dollars and pounds for foreign trade.
The average people are not excluded from the economic impacts of mining. As a matter of fact, some of them earn their bread as a result of mining. There are people who have moved from one income class to another because of being active participants in the mining sector. Some have earned millions or even billions from this economic activity.
The Madagascan GDP has been positively impacted by mining. This country used to have a small GDP that placed it among the least wealthy countries in Africa. That will not be the case in the next decade or two because the Madagascan GDP is growing at a very fast rate. That has led to the rise in per capita income.
Foreign direct investments are coming to Madagascar at a rate never seen before. People are planning in foreign capitals how they can invest in the mineral sector of this county. For any country to develop and attain high income status there is need for investments from foreigners. A closed economy will soon fail. Free market is a good economic system.
Investors are not bringing their money to the Madagascan economy just because of the presence of minerals. Many other countries in Africa have far greater mineral wealth but investors are shunning them. That is because this nation is more politically and economically stable than such countries. In some African countries, money can be lost in a bank. Madagascar has secure banks with great deposit protections.
Due to the rise of the mineral sector, other sectors are rising as well. In any economy, there is interdependence. Thus, when one industry grows, the others grow as well. When there is economic failure in one sector, it can easily spread to other economic sectors. Mining is dependent on efficient logistics, secure IT systems, and good financial institutions.
Madagascar is going places. It is on its way to become one of the wealthiest countries in Africa. Mineral wealth has greatly transformed the face of this nation. Skyscrapers are rising on the skylines of Antananarivo and other Madagascan cities. Economists have predicted that middle income status might be achieved by the nation sooner than was forecasted by the IMF.
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