Advantages and disadvantages of import substitution and export promotion
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Advantages • Increase in domestic employment. Reduced dependence on labor non intensive industries. Resilience in the face of global economic shock (recessions & depreciations) • Less long distance transportation of goods.
The disadvantage for an import substitution based industry, ISI, is although it achieves growth it does so through a greater period of time. On the other hand, growth and development from export oriented industries, EOI, has greater results and is so much faster than import substituting industries.
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