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Why Land is the Most Important Resource for a Country’s Economy

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“Everyone wants a piece of land. It is the only sure investment, it can never depreciate like a car or a washing machine”-Sam Shepard.

Regardless of which part the Earth humanity dwells on, land carries undisputable importance above any other resource. It carries the fat of steak as far as the world economy is concerned.

As humanity, we are highly dependent on land, as it is the home to all the natural resources that any country would ever want for her economic development. You, therefore, need a piece of land for several reasons.

What Does Land Mean?

Land literally means any part of the earth that is not covered by water; the solid part of the surface of the earth and islands. It includes all the physical elements that naturally occur like forests, mountains, valleys, minerals, and all the vegetation. It’s the space where we live and carry all our activities on.

Does Land Have Any Contributions Towards Economic Development?

Yes. Not only do humans live on land but they also perform all economic activities on land. Specific parts are utilized for various purposes including residential, institutional, industrial, and agricultural among others. 90% of our basic needs are found in the land; that is food, shelter, and clothing.

The land is considered major as humanity fights to own even the smallest piece ever. It has substantial importance.

  1. Uses of land for residential purpose

Simply put, it is used by families and individuals to build personal houses. This is literally the major use of land. Homes provide hosting and security for humanity against dangers and unfavorable weather conditions.

They are constructed for either own or rental purposes. They are built according to the suitable individual requirements. They can either be attached or detached.

Detached homes are those that do not share a wall on either side but rather stand alone. It is commonly owned by a single-family.On the other hand, attached homes are those that share a party wall on both sides of the property.

Humanity is able to perform various activities that contribute to economic development only if they have a place to call home.

  1. The use of Land for Agricultural Activities

Agricultural development has become one of the most important tools in fighting poverty in Africa and beyond.

It is the art of cultivating soil, producing crops, and raising livestock. It can either be done on a commercial or subsistence basis.

According to the Food and Agriculture Organization (FAO) of the United Nations, agriculture is the key to Kenya’s economy. It contributes 26% of the nation’s Gross Domestic Product and another 27% GDP indirectly through linkages with other sectors.

Agriculture has contributed to the generation of foreign currencies through the export of its products. Different nations produce a wide range of different agricultural products based on their climatic conditions and soil types. For instance, Kenya is mostly known for the production and exportation of horticultural products like roses, and also fresh vegetables to its market in Europe. Livestock products like meat, wool, milk products, and hides are also exported to different countries.

This sector provides a livelihood for many countries’ citizens in terms of employment, income, and food security. Consequently, it stands to be a major economic booster. A handful of countries actually excelled in agricultural productions en route to achieving remarkable industrialization levels the best examples being China and India.

  1. Industrial land use

The industry is a group of organizations involved in manufacturing the same type of products and services.

Some industries require huge batches of land while others are smaller. This is based on the intended size and nature of the industry. Some industries have more and larger machinery than others.

The world economy depends majorly on industrialization. For instance, the technology servicing the world in the present results from different forms of industrialization; the phones, computers, broadcast systems that have become essential in the present error are all products of industrialization.

Land being the backbone of industrialization- indirectly boosts the nations’ economic development.

  1. Institutional Use of Land

Institutions are associated with large public buildings such as schools, universities, hospitals, churches among others. These are important structures any society would want to have. The land becomes the major asset for their construction.

These institutions serve the public with the convenience of access to quality education, quality medical services, allow religious services, and many more. Learning institutions are used to impart knowledge while religious institutions offer moral guidance and these collectively play a good role in a community economic development

Economically, they make important contributions in terms of employment. For instance, schools and hospitals provide a high number of job vacancies to the community. These advantages, all trickle down from the land.

  1. Recreational Activities on Land

Recreation activities are those activities done for leisure. They occur in a wide range. They can be indoor or outdoor.

Recreation activities include basketball, tennis, soccer, cycling, and many more. They all require a piece of land. They can either be big or small depending on the type and the number of participants.

These activities are important physically and also psychologically. They help reduce stress. This allows the participant to engage in important activities that bear a positive impact on the economy.

Sports for instance have been a good economic developer internationally. Countries engage in heated competitions earning revenue in return.

Conclusion

The land is a major asset. It is the first of all the resources required for economic development. It is the only asset that appreciates with time. The more the human population increases the higher the demand for the land. The acquisition cost goes high every day due to higher demand.

It is a good idea to own a piece of land in the present time as we have seen that, it has a whole lot of uses. It is the foundation of all the developmental plans in any region. Always subdue your land under one of the above-discussed activities to maximize its profits.

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