Final answer:
Nickel mining is the cornerstone of New Caledonia's economy, representing a major portion of the world's nickel resources and driving foreign investment and local prosperity.
Step-by-step explanation:
The backbone of New Caledonia's economy is nickel. This Pacific island possesses about 25 percent of the world's known nickel resources, which plays a critical role in its economic performance. While areas such as tourism, fishing, and agriculture contribute to the region's economy, it is the extraction and export of nickel that has brought about substantial foreign investment and has had a significant impact on raising the standard of living.