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How the World's Richest Country Lost 90% of its GDP
In the 1980s Nauru was the richest country in the world on a per capita basis. Nauru's wealth can be entirely attributed to its deposits on Phosphate, a substance used in fertilizers. However, by the early 2000s they had completely run out of Phosphate the country's GDP declined by more than 90%.
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By Economics Explained
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In the 1980s Nauru was the richest country in the world on a per capita basis. Nauru's wealth can be entirely attributed to its deposits on Phosphate, a substance used in fertilizers. However, by the early 2000s they had completely run out of Phosphate the country's GDP declined by more than 90%.
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