Economic Diversification

Economic diversification refers to the process by which a country or region expands its economy to include a wide array of industries and sectors beyond its traditional or primary economic activities. This approach aims to mitigate risks associated with over-reliance on a single industry, fostering economic stability and sustainability. By embracing various sectors such as technology, manufacturing, tourism, and agriculture, regions can better withstand global economic fluctuations and create a more resilient economic structure. This strategy not only generates more employment opportunities but also drives innovation and overall economic growth, benefiting a broader spectrum of society.