The impact of the “One place, one road” project on the economy of countries
Keywords:
OBOR, economy, economic growth, education system, tourism policy, foreign investmentAbstract
The “One Space, One Road” project, also known as the Belt and Road Initiative (BRI), has significantly influenced the economies of participating countries from 2022 to 2024. In 2022, countries involved in the BRI experienced an average GDP growth rate of 5.3%, compared to a global average of 3.1%, indicating a robust economic boost attributed to enhanced infrastructure investments and trade facilitation. By 2023, foreign direct investment (FDI) inflows into these nations surged by approximately 15%, with China accounting for over $60 billion in investments across Asia and Africa alone, fostering job creation and technological transfer. Projections for 2024 suggest that BRI-participating countries could see their trade volumes increase by up to 20%, driven by improved connectivity and reduced logistical costs. Furthermore, a study indicated that local economies reported a decrease in poverty rates by an estimated 10% due to increased employment opportunities stemming from BRI projects. Overall, the “One Space, One Road” initiative is poised to reshape economic landscapes through strategic partnerships and infrastructural development.
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