Tag Archives: economy

Transcontinental countries: How economically significant are they?

There are several transcontinental states in the world – and their characteristics of being geographically linked to more than one continent make them economically unique from the rest of the world. However, while some transcontinental countries benefit from this, others suffer from its disadvantages.

Russia

Image source: imanet.org

Russia is the largest country in the world and is located between Asia and Europe. With a GDP of over $1.28 trillion, it is one of the world’s most powerful economies. Aside from leading the race in oil and natural gas production, Russia is also a top exporter of important metals like aluminum and steel. One of the BRICs, Russia has strong potential to become among the four most dominant economies by the year 2050, alongside Brazil, India, and China.

 

Turkey

Image source: hometurkey.com

The Republic of Turkey is set at the junction of Asia and Europe. Because of its strategic location, the United States consider the country as a high-priority market and is recognized as an important economic hub in the entire region. Turkey’s GDP as of 2016 reached $857 billion. However, in 2017, analysts have observed an increased rate of both inflation and unemployment because of their currency’s depreciation against the U.S. dollar.  For an insightful analysis on Turkey’s current economic landscape, read this article by LOM Financial.

 

Panama

Image source: 100resilientcities.org

The country is dubbed as a bridge between two continents: South America and North America. Panama’s economy is actually dollar-based, and its services sector makes up a large percentage of its GDP. Panama is also a Free Trade Zone and hosts several sectors such as offshore banking, logistics, and tourism. Furthermore, the GDP value of Panama covers 0.10% of the world economy.

 

Egypt

Image source: ingleinternational.com

Egypt can be found in both Africa and Asia, with an economy that relies on agriculture, tourism, and other from industries and services. Uncertainties in the country’s political state have caused several economic woes, including a slower growth in 2011. Egypt’s Gulf allies helped the country recover, bringing in an increased in foreign investment. In 2016, Egypt reported a GDP of $336 billion.

Expect a massive global shift to tech-driven economic models soon

Image source: which-50.com

History reminds us how technology not only changed our way of life but has also introduced new ways to increase and diversify production of goods or services. In turn, it has driven the economies of the world to new heights.

According to a recent study based on more than a million patents that we have seen in the past century, the positive impacts of technological feats to the economy have not only brought an optimistic future to this sector but also expanded it beyond recognition by fueling an increase in production for different industries. As a result, technology has contributed to the overall financial health of countries around the globe. One example is how it has boosted the annual U.S. economic output in the recent years. Analysis concluded that this growth correlated to the booming technologically innovative products that has been made available to the market in the past decade.

Image source: iacpublishinglabs.com

As a response to this massive acceleration from a technology-driven change, experts have suggested that economic models should respond to the changes of its global environment by welcoming a newer phase beyond the 20th century economic models. One of these highlighted models is termed as the ‘programmable economy’ in 2014, and it is defined as a form of ‘smart’ economic system which aims to support and manage both goods and services’ production and consumption particularly catered to technology-driven scenarios.

In addition, the heavy spending on product development is naturally helping to pace economic growth. The good news is, innovation is now becoming a commonplace among industries and since technology-based advancements are happening globally, many sectors including industrial, energy, and finance can enjoy its benefits.

Image source: planet-lean.com

Many of the world’s top investment magnets are tech stocks, particularly those that set new trends. The likes of Google, Amazon, Apple, and Oracle are favorites amongst investors and asset management firms—such as LOM Financial—because of their sustainable business models and booming market popularity. In some cases, such as that of Samsung, they are actually considered the prime movers of the national economies they are primarily involved with.