The economy of the Cook Islands, as in many other South Pacific island nations, is hindered by the isolation of the country from foreign markets, lack of natural resources, periodic devastation from natural disasters, and inadequate infrastructure.
Agriculture provides the economic base with major exports made up of copra and citrus fruit. Manufacturing activities are limited to fruit-processing, clothing, and handicrafts.
Trade deficits are made up for by remittances from emigrants and by foreign aid, overwhelmingly from New Zealand. Efforts to exploit tourism potential, encourage offshore banking, and expand the mining and fishing industries have been partially successful in stimulating investment and growth.
Read more about Economy Of The Cook Islands: Banking and Finance, Economic Statistics, Telecommunications
Famous quotes containing the words economy of, economy, cook and/or islands:
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)
“The basis of political economy is non-interference. The only safe rule is found in the self-adjusting meter of demand and supply. Do not legislate. Meddle, and you snap the sinews with your sumptuary laws.”
—Ralph Waldo Emerson (1803–1882)
“There’s terrific merit in having no sense of humour, no sense of irony, practically no sense of anything at all. If you’re born with these so-called defects you have a very good chance of getting to the top.”
—Peter Cook (b. 1937)
“What are the islands to me
if you are lost
what is Naxos, Tinos, Andros,
and Delos, the clasp
of the white necklace?”
—Hilda Doolittle (1886–1961)