Question

Impact of trade liberalization on developing countries

Answer 1

Trade barriers are still relatively high in many developing countries.. another important consideration with respect to the impact trade liberalization on the trade balance and economic growth is that the income elasticity of products traded between developing and industrial countries are different.

Answer 2

Answer:

Developing countries have been forced to liberalize their trade by the developing countries in the WTO. This has led to unfair globalization.

The developed countries have flourished while the domestic producers of the developing countries have been hit hard by losses.

Trade liberalization has forced governments to allow flexibility in the labor laws and the workers rights are not being implemented properly. Because of this, only the skilled labor are able to benefit from globalization.