The leader of the Third Reich met his fate on April 30, 1945
When discussing economies, we often think about GDPs, output, and currency value, among other factors. But some economies thrive outside the box. There are seven economies in particular that are able to generate their wealth in curious ways.
This list includes nations with unique economic drivers such as internet domain names, milk prices, and happiness. Indeed, these seven nations definitely have the world's strangest economies. Does your country make the list? Click on to find out.
All amounts are in US dollars.
The Pacific island of Tuvalu makes the list of the world’s strangest economies. The tiny island of just 11,000 people is making millions in the most unique manner possible.
Tuvalu is achieving big bucks by licensing out a URL suffix. In 1995, the nation was assigned the suffix '.tv,' which is the global abbreviation for the word television. Companies like Twitch, for example, have licensed the suffix.
Beginning in the 1990s, Tuvalu’s government entered an official deal with a California firm for a US$50-million leasing agreement for the use of the nation’s suffix, raking in US$2 million a year until 2011.
After 2011, Tuvalu upped its prices, bringing in about US$5 million annually. The rise of streaming services further increased the value of the suffix. A more recent deal with the domain website GoDaddy also increased profit margins.
Tuvalu’s government signed an agreement with GoDaddy that brings in US$10 million on an annual basis. What Tuvalu manages to make with this agreement is equivalent to about a sixth of the nation’s GDP.
This funding has been transformative for the nation. Hospitals, schools, and advancements in the nation’s electricity grid, among other initiatives, have all been funded through the domain suffix licensing scheme.
The government was also able to fund the Future Now Project. This initiative attempts to combat the crises that the island faces under the threat of climate change, as the island is considered one of the fastest-sinking nations in the world.
Turns out, Tuvalu isn’t the only nation that’s cashing in on their domain suffix. Anguilla was lucky to receive the suffix '.ai.' Since the artificial intelligence boom, the nation has found its market.
The Caribbean nation is making US$3 million a month by licensing out its suffix. The amount of money Anguilla is making from its suffix is reportedly one-third of the government’s monthly budget.
With a population of less than one million people, Djibouti, one of Africa’s smallest countries, makes its money from trade. While it’s not unusual to make money off trading, it’s how they do it that makes the nation unique.
In Djibouti’s case, it’s actually another nation’s trade that allows Djibouti’s economy to perform so well. About 95% of Ethiopia’s trade goes through Djibouti.
The nation has a state-of-the-art port complex. According to the World Bank Organization, the port is “among the most sophisticated in the world.” Given the fact that Ethiopia is landlocked, it depends a great deal on its neighbor to facilitate transport.
Ethiopia’s primary export is coffee. It is also a nation that relies heavily on imports. Therefore, Djibouti, manages the comings and goings of Ethiopia’s maritime trade.
Ethiopia’s economy is massive compared to Djibouti's. In 2022, Ethiopia’s GDP was US$120.37 billion, while Djibouti’s was US$3.66 billion. With more than 80% of Ethiopia’s trade requiring access to a port, it makes sense that it relies on Djibouti.
However, it hasn't always been smooth sailing at Djibouti's ports. A pending agreement between Ethiopia and Somaliland could see Djibouti replaced as Ethiopia’s primary trade facilitator.
This is especially timely given rising regional tensions and spillovers from Yemen’s civil war, in which the Red Sea is regularly facing attacks. Ethiopia’s agreement with Somaliland could be absolutely devastating for Djibouti’s economy.
The next country on the list is the world’s fastest-growing economy. The South American nation of Guyana is experiencing rapid growth due to its oil reserves, which have been exploited by the American oil giant ExxonMobil.
The numbers are jarring. In 2019, the nation was producing a mere 1,200 barrels a day. In 2024, the number reached nearly 650,000 barrels on a daily basis. By 2030, the nation is set to be bringing in US$10 billion annually.
The money the nation has earned from oil has gone directly towards its development, investing the earnings into improving the nation’s infrastructure, healthcare and education systems, and other projects that are of public interest.
Norway is another nation raking in profits from natural resources. The oil-rich Scandinavian nation has exploited its oil and natural gas since the late 1960s, but did so in a way that enriched the state itself.
The state’s oil profits have gone toward building the world’s largest sovereign wealth fund, which is currently valued at a whopping US$1.7 trillion. Ironically, the nation has also embraced the other side of oil dependency. Pictured is Nicolai Tangen, chief executive officer of Norges Bank Investment Management.
Norway has been a key leader in green energy and the shift from fuel-dependent vehicles to electric cars. This may seem quite contradictory, but despite its abundance of oil, the nation has more electric cars than petrol-powered vehicles.
In 2016, Ireland experienced an unexpected boom. Its economy rose by nearly 35% just that year alone. What suddenly occurred to improve its economic performance? Like a certain Bible story, it all started with an apple.
Technology company Apple Inc. relocated its intellectual property to Ireland, boosting its GDP significantly. Multinational companies have long sought refuge in the nation due to low corporate tax rates.
Pharmaceutical, technology, and electronics companies, among others, produce many of their products in Ireland. Although taxes are low for corporations, there are so many multinationals in Ireland, that the nation consistently reports budgetary surpluses.
Got milk? Well, New Zealand certainly does. This liquid may not be oil, but the nation’s dairy industry has been central to its economy. In fact, the dairy industry generates nearly US$7 billion annually for the Kiwis.
Of course, depending so much on one product, like any nation, makes the economy vulnerable. When milk demand is low, the nation’s exports fall and put farmers in sudden precarity.
The last country on the list is Bhutan. The Himalayan nation has focused less on its GDP and more on its GDH. Never heard of GDH? It stands for Gross Domestic Happiness, an index which focuses on development indicators.
Interestingly, while Bhutan has focused on increasing its GDH, the nation's GDP has also experienced a 7.5% uptick. This growth even resulted in the nation being removed from the UN’s Least Developed Country list, and it is now considered middle-income.
Sources: (Yahoo! Finance)
Unique economies that work surprisingly well
Seven countries manage to thrive under unique economic conditions
LIFESTYLE Economics
When discussing economies, we often think about GDPs, output, and currency value, among other factors. But some economies thrive outside the box. There are seven economies in particular that are able to generate their wealth in curious ways.
This list includes nations with unique economic drivers such as internet domain names, milk prices, and happiness. Indeed, these seven nations definitely have the world's strangest economies. Does your country make the list? Click on to find out.
All amounts are in US dollars.