Plenty of countries depend greatly on tourism, with some experiencing rapid growth as a result (e.g. Maldives, Iceland, St Lucia). Some are are trying to diversify their economies further, such as the UAE, which has positioned itself as a regional business hub. My question is: are there any countries that progressed from developing to developed through tourism, that have also been able to pivot towards a more diversified, developed economy?
In: Economics
Jersey was historically a tourism based economy, within easy distance of the UK. However, cheaper air travel and package holidays killed the industry, and we diversified into a financial centre and are now a tax haven due to significantly lower tax than the UK (maximum 20%)
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