Tag Archives: transcontinental states

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.