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Economic diversification

What it is and why it’s important

by LAWSON S, LAWSON A
Economic diversification Will Heeman – “Smoothie Operator.”
Published in February 2020 - Page 17

Economic diversification is defined as the process of shifting an economy away from a single income source toward multiple sources from a growing range of sectors and markets. Traditionally, it has been applied as a strategy to encourage positive economic growth and development.

A Business Perspective

Individual businesses will diversify – almost instinctively. If revenues are declining with a business’s current suite of products and markets, they may launch new products, seek new customers, explore

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