Economy
The economy is strongly affected by geography. It is isolated from foreign markets, and has some inadequate infrastructure; it lacks major natural resources, has limited manufacturing and suffers moderately from natural disasters. Tourism provides the economic base which makes up approximately 67.5% of GDP. Additionally, the economy is supported by foreign aid, largely from New Zealand. The Peoples' Republic of China has also contributed foreign aid which has resulted in, among other projects, the Police Headquarters building. The Cook Islands is expanding its agriculture, mining and fishing sectors, with varying success.
Since approximately 1989, the Cook Islands have become a location specialising in so-called asset protection trusts, by which debtors, or those fearful of becoming debtors, seek to shelter assets from the reach of creditors.
Read more about this topic: Districts Of The Cook Islands
Famous quotes containing the word economy:
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kind—no matter how ultimately profitable or otherwise successful some of them might prove to be—there is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
—Jane Jacobs (b. 1916)