Role of money in economic development of developing countries
Answers
Money plays an integral role in the economic development of developing countries, which are provided below.
Explanation:
Economic development refers to the phase of dependent growth of the real factors of a country, like technological improvement, capital accumulation, and skills of labor.
Money refers to something that is used for making transactions in the process of buying and selling.
Money plays an integral role in the economic development of developing countries:
i. Money promotes economic growth of a country by increasing its productivity.
ii. Money also enhances investment of the developing countries as greater the savings, the investment increases.
iii. Money promotes monetization and hence, induces economic development.
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