Economics · Economic Growth and Development
Which of the following best describes the concept of 'structural transformation' in economic development?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1An expansion of merchandise export volume relative to domestic production
- 2A steady nominal increase in per capita income over consecutive financial years
- 3A reallocation of economic activity across agriculture, manufacturing, and services in terms of GDP and employment share✓
- 4A simple movement of population from rural areas to urban centers
Correct answer
A reallocation of economic activity across agriculture, manufacturing, and services in terms of GDP and employment share
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