Economics · Economic Growth and Development
Analyse the following statements regarding the transition of a developing country from import substitution in the 1970s to export-led growth after trade liberalization: 1. Import substitution initially protects domestic industries from foreign competition. 2. Export-led growth increases the global competitiveness of domestic goods. 3. Trade liberalization can improve economic efficiency through increased competition. 4. Import substitution always ensures long-term economic efficiency. Which of the statements given above are correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 11, 2 and 3✓
- 21, 2 and 4
- 32 and 3 only
- 41 and 4 only
Correct answer
1, 2 and 3
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