how adverse balance of payment is adding to the industrial backwardness of the country?
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The balance of payments (BOP) is a statement of all transactions made between entities in one country and the rest of the world over a defined period of time, such as a quarter or a year.
KEY TAKEAWAYS
The balance of payments includes both the current account and capital account.
The current account includes a nation's net trade in goods and services, its net earnings on cross-border investments, and its net transfer payments.
The capital account consists of a nation's transactions in financial instruments and central bank reserves.
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