Great Trenadian Miracle
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The Great Trenadian Miracle (Galego: Gran Milagre Trenadiano), also known as the Trenadian socioeconomic boom was the term coined by historians and economists to designate the period of massive economic growth and social prosperity in Trenado, between the 1970's and the early 2000's. It is common for historians to define Rosemaria de Castro's first administration (1973—1980) as the starting point for the country's development, though sources consider the Felix Mazon administration (1965—1972) to have kickstarted the era.
During this time period, Trenado's GDP rose from 2-8% each year, with the highest percentage occuring in 1974 (around 11%). The HDI also grew in an accentuated manner, as the country stood among the 10 best-developed nations in the world. Between 1995 and 1997, Trenado had the best HDI in the world, with an average of 0.892. After the 2000s commodities boom's effects began to lose further impact in the Trenadian economy, added to the political instability caused by the presidential crisis, the Great Trenadian Miracle is considered to have ended between 2004 and 2006 giving way to the socioeconomic crisis.
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Background
The economic miracle was a result of several investments and diplomatic actions by the Trenadian government after the second half of the 19th century. Former administrations, notably managed by social democratic ministries, prioritized the need for a positive state balance through surplus in order to develop the national industry. After the turn of the century, however, a shift towards laissez-faire and liberal politics from the Libertarian administrations would shift towards great amounts of exportation and lower tariffs to keep the country's reserves safe and growing. As such, the industrial workforce would lose its strength, but the Trenadian GDP and capital would maintain their status as powerhouses in South America.
After the Great Depression and the 1932 coup d'état, economic policies adjacent to developmentalism would be employed in order to keep the financial situation stable. The country also dealt with a strong level of social instability, as the Integralist Union — once the power was seized — would be widely criticized and thus emphasized the repression against their opposition. Once the integralist government ended, in 1947, public policies would seek capitalizing on the global economic boom after World War II, making Trenado an advanced, industrialized nation. The empowering of the country's diplomacy towards capitalist countries, after the controversial Gonzales administration, would also fortify the economy as investors would find a solid ground to put their finances on. Research, education and technology (imports and production) also became major strengths in the Trenadian socioeconomic situation, as it was implied that a further investment in universities and preparation for work in a near future would cause the national debt to stagnate — at times even growing — but would bear fruit for industrial workforce, which was deemed a major priority worldwide after the war.