Published on 4 Feb 2024 on Insider Monkey via Yahoo Finance
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When we talk about the fundamentals of macroeconomics, land, along with capital and labor, is a fundamental component of economic growth. After all, land is needed for setting up industrial plants, offices, and other facilities that constitute the fabric of any economy. Subsequently, it's unsurprising that several of the world's largest economies, such as the United States, the People's Republic of China, the Republic of India, and the Russian Federation are all among the largest countries geographically.
The exceptions to this, namely Japan and the Federal Republic of Germany, rely on either their population or engineering technology to make up for a smaller geographical footprint. One country that is among the biggest in the world, at least when it comes to its size, is Australia. Occupying an entire island, Australia is one of three Anglo Western nations in the southern hemisphere, and it's among the most developed nations in the world.