How the World's Richest Country Lost 90% of its GDP

Economics Explained

EpisodeDec 24, 202216m

How the World's Richest Country Lost 90% of its GDP

Economics Explained

EpisodeDec 24, 202216m

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%. Learn more about your ad choices. Visit megaphone.fm/adchoices

Top comments

On Economics Explained, we take a look at interesting countries, policies, and decisions from the point of view of an economist. The world is an interesting place and we hope to uncover some of this intrigue in our short, informative podcasts.

podcasters.spotify.com/pod/show/economicsexplained

Switch to the Fountain App

Open in Fountain