O que é Liechtenstein? - Economia dos países #3: Liechtenstein

Summary

The video discusses the unique economic and cultural aspects of a small European country located between Austria and Switzerland. With a population of around 40,000 people, this country thrives through a diverse economy, including industries like textiles, pharmaceuticals, and precision instruments. Its low corporate tax rates, around 18%, have led to more businesses than people, contributing to its high per capita income, which places it second globally. With an IDH of 0.9, the country offers a high quality of life, minimal poverty, and no external debt, demonstrating the benefits of strong internal industries and economic freedom.

Takeaways

• 😀 Liechtenstein is a small European country, located between Austria and Switzerland, with a population of around 40,000 people and an area of just 60 square kilometers.
• 😀 The country has a constitutional monarchy with a royal family, but its legislative functions are handled by a parliament, distinguishing it from countries like the UK, which has a parliamentary monarchy.
• 😀 Liechtenstein is not part of the European Union but uses the Swiss Franc (CHF) as its official currency and participates in the Schengen Area agreement, allowing free movement across member states.
• 😀 The official language of Liechtenstein is German, and the country has a very high per capita income, currently ranked second globally with approximately 180,000 USD annually.
• 😀 Liechtenstein's economy thrives with a low corporate tax rate of around 18%, fostering a business-friendly environment where companies outnumber the population, with 65,000 businesses for 40,000 people.
• 😀 Key industries in the country include textiles, pharmaceuticals, dental prosthetics, precision instruments, refrigeration, and wine production, contributing to its strong economic standing.
• 😀 Despite its small size, Liechtenstein's economy is largely self-sufficient, with production exceeding imports, especially in energy and food sectors.
• 😀 The country's Gross Domestic Product (GDP) per capita is an impressive 180,000 USD, making it one of the wealthiest nations in the world.
• 😀 The Human Development Index (HDI) of Liechtenstein is exceptionally high at 0.91, indicating a very high standard of living and quality of life.
• 😀 Liechtenstein has no external debt, and poverty is virtually non-existent, showcasing the country’s robust economic and social policies that prioritize prosperity and individual freedoms.

Q & A

What is the size and population of the country mentioned in the transcript?

The country is very small, with an area of only 60 square kilometers and a population of approximately 40,000 inhabitants.

What type of government does the country have?

The country has a Constitutional Monarchy, with a royal family. However, legislative functions are carried out by a parliament, unlike the UK where the royal family is part of the parliamentary system.

Does the country belong to the European Union?

No, the country is not part of the European Union. It does, however, participate in the Schengen Area, which allows for free movement of people between member countries.

What is the official language of the country?

The official language of the country is German.

What is the country’s currency?

The official currency of the country is the Swiss Franc, not the Euro.

What industries are significant to the country's economy?

The country has a strong economy based on industries such as textiles, pharmaceuticals, dental prosthetics, precision instruments, refrigeration, and agriculture (especially cereal production like wheat, oats, corn, and rye).

How does the country manage its imports and exports?

Although the country is small and depends on imports for energy and food, its industrial production exceeds the value of its imports, contributing positively to the country's economic stability.

What is the country’s GDP per capita and its global standing?

The country ranks second in the world for GDP per capita, which is approximately 180,000 dollars annually (or 84,700 reais, based on the current exchange rate).

What is the quality of life like in the country?

The country has an excellent quality of life, reflected in its high Human Development Index (HDI) of 0.9, which places it among the highest in the world.

How does the country ensure economic prosperity despite its small size?

The country’s prosperity is driven by a strong focus on industrial investment, internal economic development, and a high degree of economic and civil freedom, which collectively foster a thriving economy.