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)
“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)
“To cook a pig, apply heat; to win a lawsuit, apply money.”
—Chinese proverb.
“Consider the islands bearing the names of all the saints, bristling with forts like chestnut-burs, or Echinidæ, yet the police will not let a couple of Irishmen have a private sparring- match on one of them, as it is a government monopoly; all the great seaports are in a boxing attitude, and you must sail prudently between two tiers of stony knuckles before you come to feel the warmth of their breasts.”
—Henry David Thoreau (1817–1862)