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What is economic diversification?

Traditionally, economic diversification involves transitioning away from dependence on one or a few commodities such as crude oil, minerals, and agriculture production toward a broader range of sources of production, employment, trade, revenues, and expenditures.

Why is economic diversification important for poorer developing countries?

Economic diversification is very relevant for poorer developing countries to create jobs and foster economic development. That need has been recognized in key internationally agreed development goals.

What is the relationship between development and diversification?

Naturally, the relationship between development and diversification is highly endogenous. Diversification of a country’s export basket might be both a cause and a consequence of the process of economic growth and development.

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