Human Resource Development in Developing Countries

In the economic lives of the tiny Pacific island nations, international trade plays a particularly important function. All these countries rely, to an extreme degree, upon goods and services imports including food products, coal, industrial equipment and a range of items produced. Exports are a primary source of foreign exchange income and the production, jobs and development of economy. Pacific Island countries share similar challenges and opportunities as remote island economies. They are small and have restricted natural resources, diverse ecosystems, large distances from major markets and vulnerability to external shocks. All of these have a effect on growth, also leading to high uncertainty in the economy. Pacific Island countries are also some of the most vulnerable in the world to the effects of climate change and natural disasters. Export activity is generally viewed as a major source of growth, particularly through its dynamic and catalytic effects on the rest of the economy. Unusually high tradeGDP ratios prevail throughout, making these small economies among the most open (and externally vulnerable) in the world.