How can a country diversify their economy? For example, for a country whose economy is based mostly on oil,?

Question

how can they diversify their economy?

Answer 1

Adopt a gov't that respects human rights and human freedoms, and a free-market economy.

After that the people themselves will find opportunities and start businesses. Some of it will be based on natural resources, for sure. Other enterprises will be based on unmet needs people see around them.

Answer 2

i dont think you can, ex: if all a country is known for it's sandy beaches and lovely weather. there main thing will be tourism. they just have to work w/ what theve got. the middle east as another example is one big oil feild to me.

Answer 3

I don't know, but if you figure out the answer, tell Detroit.