Economic Development

Topics: Quality of life, Economic growth, Gross domestic product Pages: 1 (258 words) Published: April 10, 2011
Economic development is the increase in the standard of living in a nation's population with sustained growth from a simple, low-income economy to a modern, high-income economy.[1][2] Also, if the local quality of life could be improved, economic development would be enhanced.[3] Its scope includes the process and policies by which a nation improves the economic, political, and social well-being of its people. Economic growth is the increase of per capita gross domestic product (GDP) or other measure of aggregate income, typically reported as the annual rate of change in real GDP. Economically, Fiji is one of the most developed Islands of the Pacific. Its major source of industry is tourism with 300,000 to 400,000 tourists annually. Fiji remains high on the worldwide wish list of places to see, a favoured destination for international tourism and conventions. Continuing growth in visitation feeds off Fiji’s powerful appeal to the prosperous people of its Pacific neighbors, plus increasing numbers from the US, South Korea and Papua New Guinea. And the ever-more sophisticated and travel-aware Chinese market – population just over 1.3 billion* – is around 11 hours flying time away. Fiji’s growing popularity, confidence and air capacity affirm Relcorp’s foresight in creating Naisoso Island for the world to enjoy. Conclusively, the impending project will discuss in depth the major contributions the Naisoso Island Resort has provided towards the development of Fiji economically, its plans for the future, the advantages as well as disadvantages of its establishment.
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