IB Economics 10 Epic Strategies for Growth

The 10 Strategies That Drive Economic Growth and Development

Target Question:

What are the main strategies for economic growth and development in IB Economics?

The Country That Came Back From the Dead

In 1994, Rwanda was in ruins.

After one of the most devastating genocides in modern history, the country's economy had basically disappeared. GDP per capita - a measure of how much income the average person had - went down to $146 per year. That's roughly the price of a decent pair of trainers.

2025 figures, and Rwanda's economy grew by a 9.4% - one of the highest growth rates on the entire planet. Poverty rates have collapsed. Millions of new jobs have been created. Kigali, the capital, is now one of the cleanest, most tech-forward cities in Africa.

So, what can we learn from this lesson?

Rwanda didn't just pick one policy or strategy and hoped for the best. It applied multiple policy changes across trade, investment, education, healthcare, institutional reform, and foreign aid - often simultaneously. It was economic development based on proper economic strategic thinking that has paid results.

The IB Economics syllabus asks you to understand the range of strategies that Economically Less Developed Countries (ELDCs) - that's the official IB term for lower-income economies - can use to promote economic growth and economic development. Let's start by explaining two concepts that are related but differ in meaning:

Economic growth:

Economic growth means an increase in real GDP.

Economic development:

Means improvements in the broader quality of life - living standards, health, education, equality.

Growth is the engine; development is the destination.

Let's run through the ten main strategies, one by one:

Strategy 1: Trade Strategies

The Basics First

International trade is - broadly speaking - a positive thing for economies. When countries trade, they can specialise in what they produce efficiently, export to earn revenue, and import goods they can't produce themselves cheaply. Economists argue this generates net gains that boost aggregate demand and create employment.

But not all countries are on an equal footing when it comes to trade. Many ELDCs are heavily dependent on primary sector exports - things like coffee, cocoa, copper, or cotton. These commodities tend to earn lower prices than secondary (manufactured) or tertiary (service) sector goods. And prices for raw commodities can be extremely volatile - a drought, a global price slump, or a shift in consumer tastes can devastate an ELDC's export revenues overnight.

So, what can ELDCs actually do about it? They've got three main trade strategy options:

a) Import Substitution

Governments use tariffs (taxes on imports) and quotas (limits on the volume of imports) to make foreign goods more expensive and less available - economically nudging consumers and businesses towards buying domestically produced goods instead.

If you protect local industries from fierce foreign competition while they're still young and developing, they'll grow stronger over time, create jobs, and eventually become competitive on the world stage.

IB Economics Real-life example: Bolivia and several Latin American economies experimented extensively with import substitution from the mid-20th century onwards. In the short term, it worked for some industries. In the long run, protected industries sometimes became inefficient - because if you never face real competition, why bother innovating? Why progress and improve further?

b) Export Promotion

This is basically the opposite approach - embrace the world, get really good at producing specific things, and sell them everywhere you can.

IB Economics Real-life example: Vietnam. Since adopting its Doi Moi (renovation) economic reforms in 1986, Vietnam has gone all-in on export-led growth. By 2024, its exports surged by 14.3% year-on-year - driven by electronics, textiles, and agricultural goods - contributing to a GDP growth of 7.09%, the highest in Southeast Asia that year. The country is now aiming for a record $470 billion in exports in 2025.

Vietnam went from being one of the world's poorest countries to a genuine manufacturing powerhouse in the space of a generation. Export promotion, combined with attracting foreign investment, was at the core of that transformation.

c) Economic Integration

This involves countries agreeing to reduce or eliminate trade barriers between themselves - becoming more economically interdependent. Think of the EU as the ultimate example, or the African Continental Free Trade Area (AfCFTA), which is creating a single market across 54 African nations. More on integration in the trade topic blogs - check those out if you haven't already.

Strategy 2: Diversification

Don't Put All Your Eggs in One Commodity Basket

Diversification:

Is a strategy that encourages ELDCs to expand their range of goods and services in export markets, reducing dependence on primary commodities.

Imagine your country earns almost all of its export revenue from one product. Now imagine the price of that product collapses on world markets. Or a drought wipes out the harvest. Or a new synthetic alternative is invented in a lab somewhere that is better than your product.

That's the reality for many ELDCs that are over-specialised in a narrow range of primary commodities.

Diversification moves towards manufacturing (secondary sector) and services (tertiary sector).

Why does it help?

• It spreads risk. If one export earns less, others can compensate.

• It creates jobs across different sectors of the economy.

• It tends to generate higher value-added output, meaning more income per unit produced.

• It's especially important for small or landlocked countries that can't afford to be dependent on one or two income streams.

IB Economics Real-life example: Ethiopia is a great example here. For decades it was synonymous with coffee exports (and sadly, famine). Over the past 15 years, the Ethiopian government has invested heavily in manufacturing - particularly textiles and garments - attracting global brands looking for lower-cost production. The country now has industrial parks specifically designed to host and attract foreign manufacturers.

Diversification doesn't happen overnight. It requires long-term investment in workforce training, skills development, and serious financial planning. It's a marathon, not a sprint.

Strategy 3: Promote Social Enterprise

Doing Well by Doing Good

Social enterprises:

Social enterprises are organisations that pursue social or environmental goals rather than purely chasing profit.

A typical example you'll probably know is Oxfam - a charitable organisation focused on tackling the inequalities that drive global poverty.

But social enterprises go well beyond charity fundraising. They might run training programmes, provide clean water, support disabled communities, preserve cultural heritage, or promote sustainable tourism contributing to local communities directly.

According to data from the Global Entrepreneurship Monitor (GEM) - the biggest ongoing study of entrepreneurship in the world - there's a genuine positive correlation between the engagement of social enterprises in ELDCs and improvements in economic development. Social enterprises often provide services that are closely aligned with local ecological and environmental needs - something that purely profit-driven corporations usually overlook.

The sceptic's view is that social enterprises can struggle to be financially sustainable precisely because they're not motivated by profit. And if they rely on external donations or grants, their activities might dry up the moment funding is no longer available.

Strategy 4: Market-Based Policies

Trust the Market, Remove the Red Tape

Should governments intervene more, or get out of the way and let markets do their thing?

Market-based policies sit firmly towards the "get out of the way" side of things. They're outward-looking, pro-competition strategies that aim to stimulate economic growth and development by unleashing the power of free market forces. The IB Economics syllabus identifies three main types:

a) Trade Liberalisation

Remove trade barriers. Encourage free trade. Let the market allocate resources across borders based on comparative advantage. The theory is that exposure to international competition forces domestic firms to become more efficient and to innovative - and ultimately benefits consumers through lower prices, greater competition and greater variety.

b) Privatisation

This is the transfer of government-owned assets and industries to the private sector. The idea is that private firms, motivated by profit, are more efficient, more innovative, and more responsive to consumer demand than state-run equivalents.

In many ELDCs, rampant corruption and bureaucratic inefficiency in state-owned enterprises have made privatisation an attractive option. When government ownership becomes synonymous with mismanagement and political nepotism, selling off assets to competitive private players can genuinely boost productivity.

c) Deregulation

This means cutting the rules and regulations that get in the way of businesses operating efficiently. Less bureaucratic red tape. Fewer barriers to entry. More competition.

The argument is that excessive government regulation creates inefficiencies - costs that businesses have to absorb and ultimately pass on to consumers. Streamlining regulation can make an economy more dynamic.

Lawrence's notes: market-based policies work best in economies that already have strong institutions, functioning legal systems, and fair competition. In ELDCs where these foundations are weak, liberalising and deregulating can sometimes make inequality worse, not better.

Strategy 5: Interventionist Policies

When Markets Get It Wrong, Governments Step In

Not everyone supports the "trust the market" line - and the IB Economics syllabus makes sure you understand both sides.

Interventionist policies:

Are government-led strategies that aim to correct market failures, reduce inequality, and boost the economy's productive capacity.

Interventionist policies have three tools at their disposal:

a) Tax Policies

Progressive taxation - where higher earners pay a larger percentage of their income in tax - is a core redistribution tool. Tax the wealthy more heavily, use the revenue to support lower-income groups, and boost overall consumption in the economy.

Beyond redistribution, reducing personal income taxes can incentivise people to work more (because they keep more of their earnings), while lower corporate tax rates can encourage businesses to invest. Cut taxes too far and you lose the revenue needed for public services.

b) Transfer Payments

These are payments from the government to individuals - things like unemployment benefits, state pensions, and child allowances. The key economic point is that transfer payments don't directly produce any output; they redistribute income from taxpayers to recipients.

If done well, they provide a vital safety net for society's most vulnerable members, reducing poverty and enhancing welfare. In countries with extreme inequality, targeted transfer programmes can make a significant difference to living standards at the bottom of the income distribution.

c) Minimum Wages

Setting a statutory minimum wage ensures that the lowest-paid workers receive at least a legally guaranteed level of pay per hour. The logic behind this is not difficult to understand: if you work full-time, you should be able to afford the basics. The UK's National Living Wage has been raised repeatedly in recent years as part of efforts to reduce in-work poverty.

Strategy 6: Provision of Merit Goods

The Things Markets Underdeliver

Merit goods:

Merit goods are goods and services that generate positive externalities - benefits that spill over beyond the individual consumer to society as a whole.

For instance, education, healthcare, infrastructure.

What is the real issue here? In a free market, merit goods tend to be under-provided and under-consumed, because private producers can't capture all the social benefits they generate. This means that if the market is left alone, not enough gets produced - and people from lower-income backgrounds often can't afford access at all.

Government provision or subsidy of merit goods should therefore be a central development strategy. So, why does each of them matter?

Education

A well-educated population is one of the most powerful engines of long-term development. Education doesn't just benefit the individual (private gain) - it benefits the whole economy through higher productivity, better health outcomes, reduced crime, and stronger democratic participation (social gain).

For ELDCs, effective education programmes are crucial for breaking the cycle of poverty - giving people the skills and opportunities to earn higher incomes across generations.

Healthcare

A healthy workforce is a productive workforce. Access to vaccinations prevents the spread of infectious diseases that can devastate communities. Maternal health programmes reduce infant mortality. Mental health support keeps people economically active.

IB Economics Real-life example: Rwanda - back to our favourite example - achieved a two-thirds drop in infant mortality over a 30-year period, in large part due to sustained investment in healthcare infrastructure, much of it was supported by foreign aid.

Infrastructure

Infrastructure means the physical systems a country needs to function - roads, railways, energy grids, internet connections, ports, clean water, and sanitation. Well-developed infrastructure is an absolute prerequisite for economic development.

Let's break it down:

Energy: Access to reliable, affordable energy is essential for industrial production. Green and clean energy sources are increasingly attractive because they provide long-term energy security without the volatility of fossil fuel prices.

Transport: A functioning transport network reduces congestion, connects rural and urban areas, lowers business costs, and promotes trade. Many ELDCs still struggle with road networks that make moving goods expensive and unreliable.

Telecommunications: Investing in broadband and wireless internet infrastructure supports education, healthcare, banking, and commerce. It also attracts foreign direct investment (FDI) - no multinational is going to set up operations somewhere with patchy internet.

Clean Water and Sanitation: The UN's Sustainable Development Goal 6 calls for universal access to clean water and sanitation by 2030. The scale of the problem is hard to overstate - the UN estimated in 2018 that more people globally had mobile phones than access to flush toilets. Inadequate sanitation kills approximately 280,000 people every year - that's 32 lives every single hour.

Infrastructure is transformative. But it's also expensive - which is why ELDCs often need external financing to build it.

Strategy 7: Inward Foreign Direct Investment (FDI)

Getting Multinationals to Invest

Foreign Direct Investment (FDI):

Foreign Direct Investment (FDI) refers to funds that multinational companies invest in operations overseas, including establishing production facilities or acquiring at least 10% of a foreign company.

Whether that's building a factory, acquiring a local company, or setting up a regional headquarters, technically, an investment of at least 10% in a foreign company counts as FDI.

For ELDCs, attracting FDI is a major priority because it brings:

• Capital investment - building production facilities and infrastructure

• Jobs - both direct employment and indirect employment in supply chains

• Technology transfer - MNCs often bring advanced production techniques and management practices

• Export revenues - FDI-linked production can drive export growth

China's investment initiatives across Latin America and sub-Saharan Africa are some of the most significant examples of FDI-driven development in recent decades. In Ethiopia, Vietnam, and across Southeast Asia, FDI from multinationals in electronics, garments, and manufacturing has driven rapid industrialisation.

To attract FDI, governments often offer MNCs tax rebates, grants, subsidies, and reduced rental costs - sweetening the deal to beat off competition from other countries.

One thing worth addressing directly here, because it may come up in IB Economics exam essays: aren't MNCs just exploiting cheap labour?

Yes and no. MNC wages in ELDCs are often lower than those paid to equivalent workers in Germany, Norway, or the USA. But they typically exceed the wages paid by local employers in the host country. It wouldn't make sense to expect a factory in Nicaragua to pay German wages - the cost of living is completely different. The relevant comparison is not "MNC wages vs. developed-world wages" but "MNC wages vs. what workers would otherwise earn."

Having said that, concerns about workers' rights, safety standards, and environmental practices are entirely legitimate and worth exploring in your essays.

Strategy 8: Foreign Aid

When the World Pitches In

Foreign aid:

Foreign aid is support provided by MEDCs to ELDCs in the form of money, goods, or services - concessional and non-commercial.

It's concessional and non-commercial - meaning it's a gift, not an interest-driven loan.

Foreign aid is particularly important in filling the gap when free markets fail the world's poorest people - especially during crises. There are four main categories:

a) Humanitarian Aid / Development Aid

This is emergency relief - saving lives and protecting human dignity after natural disasters, famines, pandemics, or conflicts. For instance, the earthquake relief provided to Haiti, the famine response in South Sudan, or COVID vaccine support for lower-income countries. Humanitarian aid typically includes food assistance, medical support, and emergency logistics.

b) Debt Relief

Many ELDCs are trapped in a cycle of foreign debt that makes development almost impossible. The interest payments on past loans can eat away enormous chunks of government budgets - money that could otherwise go to schools and hospitals.

Debt relief - the partial or complete cancellation of foreign debts - can provide ELDCs with the breathing room they need to invest in their own development. The Heavily Indebted Poor Countries (HIPC) Initiative, run by the IMF and World Bank, has cancelled billions in debt for dozens of countries since the late 1990s.

c) Official Development Assistance (ODA)

ODA is financial support provided directly by donor governments (as opposed to NGOs or private charities). It includes both outright grants and concessional loans at favourable interest rates.

The United Nations has long encouraged MEDCs to commit at least 0.7% of their GNI to ODA annually - a target that most wealthy nations have consistently failed to meet. The UK achieved this target for several years before making cuts, which has been a source of ongoing political controversy.

d) Support from NGOs

International and local non-governmental organisations (NGOs) do enormous amounts of development work in ELDCs. Larger NGOs benefit from political support, celebrity endorsement, and academic credibility - which expands their fundraising and influence. They also advocate for better government policies on trade, debt, and development - acting as a voice for the world's poorest people in international forums.

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Strategy 9: Multilateral Development Assistance (MDA)

When Countries Pool Their Resources

Multilateral Development Assistance:

Multilateral Development Assistance involves channelling financial support through international institutions such as the World Bank, IMF, and UN.

Rather than one country helping another bilaterally, MDA involves member governments worldwide pooling resources to fund large-scale development programmes. This allows much larger projects to be financed than any single donor could manage alone.

MDA typically involves non-concessionary loans - those are loans with interest rates and repayment terms linked to market conditions, not the discounted rates charities offer. The money is specifically designated for development purposes.

The World Bank

Established in 1944, the World Bank provides both concessionary and non-concessionary loans to low- and middle-income countries for structural change and economic development. Its stated goal is reducing poverty and raising living standards.

Most World Bank financing goes towards physical capital projects - irrigation systems, road networks, schools, hospitals, and transport infrastructure.

The International Monetary Fund (IMF)

Also founded in 1944 (the same post-WWII moment that reshaped global institutions), the IMF oversees the global financial system and provides short-term non-concessional loans to ELDCs and highly indebted poor countries (HIPCs) facing balance of payments crises.

The reputation of the IMF is far from outstanding. Its loans have historically come attached to strict conditions - requiring governments to cut spending, liberalise markets, and deregulate industries. Critics argue these conditions have sometimes worsened inequality and undermined social services in already struggling countries. Defenders argue they promote fiscal discipline and long-term stability.

Strategy 10: Institutional Change

The Invisible Infrastructure That Makes Everything Else Work

Last, arguably the most transformative of all: institutional change.

Institutions aren't just buildings and government departments. They're the rules of the game - the ideas, expectations, laws, and practices that shape how people interact, how businesses operate, and how societies develop. Strong institutions make everything else on this list work better. Weak ones undermine even the most well-funded development programmes.

The IB Economics syllabus identifies five key areas of institutional reform:

a) Improved Access to Banking: Microfinance and Mobile Banking

Without access to credit, it's almost impossible to invest, innovate, or build a business.

Microfinance:

Microfinance provides small loans to individuals and small enterprises in ELDCs, enabling self-employment and entrepreneurship.

The Grameen Bank in Bangladesh, founded by Nobel Peace Prize winner Muhammad Yunus, pioneered the concept - and demonstrated that even very poor borrowers can be reliable.

But most importantly, microfinance has proven to be a powerful tool for empowering women - a topic we'll return to in a moment.

Mobile banking takes this further. Kenya's M-Pesa, launched in 2007, is the most famous example in the world. By 2025, it had over 60 million active users in Kenya alone, and mobile money penetration in the country had reached a remarkable 91%. M-Pesa allows people to send money, pay bills, access credit, and save - all via a basic mobile phone, without ever visiting a bank branch.

In rural Kenya, where physical banking infrastructure barely existed, M-Pesa has transformed financial inclusion. Before M-Pesa, only 26.7% of Kenyan adults had access to formal financial services. By 2019, that figure had risen to over 82.9% - most of the increase attributed directly to M-Pesa's influence. By 2025, M-Pesa's annual transaction volume exceeded $450 billion.

b) Increasing Women's Empowerment

Gender inequality doesn't just harm women - it actively holds back entire economies.

When women are denied access to education, employment, credit, and legal rights, economies lose the productive capacity of roughly half their population. The research evidence on this is overwhelming: empowering women is one of the most cost-effective development interventions available.

IB Economics Real-life example: Rwanda, once again, offers an extraordinary example. Following the 1994 genocide, which killed a disproportionate number of men, women filled roles in government, business, and civil society out of necessity. Today, Rwanda's parliament is over 60% female - the highest proportion of any parliament in the world. Women's economic and political empowerment has been central to Rwanda's development success story.

c) Reducing Corruption

Corruption is development's kryptonite.

When government officials and lawmakers accept bribes, steal public funds, or rig contracts for personal gain, it destroys the very foundations that development depends on: trust, efficiency, and the rule of law. Public money that should go to schools and roads disappears into private pockets. Foreign investors - who need legal certainty and contract enforcement to commit capital - stay away.

Reducing corruption requires a robust legal system, an independent judiciary, and genuinely accountable governance. It's hard to build and easy to destroy. But the payoff - in terms of more efficient public services, stronger institutions, and greater investment - is enormous.

d) Property Rights

Property rights are the legal entitlements that allow individuals and businesses to own, use, and transfer physical and intangible assets. In well-functioning economies, we take these for granted - of course you own your house, your equipment, your intellectual property.

But in many ELDCs, property rights are poorly defined, weakly enforced, or subject to arbitrary government seizure. This creates a massive barrier to investment, because why would you invest in something you might not be allowed to keep?

Strong, reliable property rights create confidence. Confidence attracts investment. Investment drives growth and development.

e) Land Rights

Closely related to property rights, land rights - the legal right to own and use land - are particularly fundamental in agricultural economies.

Land is security. It's the basis of a farmer's income and livelihood. Without formal land rights, rural communities are vulnerable to displacement, unable to borrow against their land as collateral, and unwilling to invest in improving it.

Expanding and enforcing land rights for disadvantaged individuals - particularly women and indigenous communities - can directly reduce poverty and hunger. It's one of those quiet policy reforms that doesn't make the headlines but that makes an enormous difference to people's lives.

IB Economics Summary

Let's go back to Rwanda for a moment.

That 9.4% GDP growth in 2025 was the result of deliberate, multi-strategy development policy, pursued consistently over decades:

• Trade and export promotion to build new sectors

• Diversification away from agriculture into services and industry

• Massive investment in education and healthcare as merit goods

• Attraction of FDI with transparent business regulations

• Debt relief from international creditors freeing up government budgets

• World Bank and IMF financing for infrastructure

• Property rights reform and anti-corruption drives

• Women's empowerment as a core national policy

• Mobile banking (through M-Pesa-style platforms) expanding financial inclusion

No single strategy does the job alone. Economic development is a systems problem, and the most successful countries are those that tackle it from multiple angles at the same time.

As an IB Economics student, your job in Paper 1 essays is to demonstrate that you understand both the potential benefits and the limitations of these strategies. Show the examiner that you know the theory, can apply it to real-world examples, and can evaluate with balance.

That's exactly what top-band answers look like.

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IB Economics Exam Tip: The Diagram Reminder

For Paper 1, remember that several of these strategies connect directly to diagrams from earlier in the course. A few key ones to have ready and revise:

• Merit goods (education, health) → Market failure / positive externality diagram: showing the gap between marginal private benefit (MPB) and marginal social benefit (MSB), with under-consumption at the free-market equilibrium.

• Import substitution → Tariff diagram showing the effect of a tariff on domestic production, imports, consumer surplus, and welfare loss.

• FDI and infrastructure → AD/AS diagram showing a rightward shift in both aggregate demand (from investment) and long-run aggregate supply (from improved productive capacity).

• Minimum wages → Labour market diagram with a wage floor above equilibrium.

Examiners reward students who use diagrams accurately and relevantly. Don't just throw one in for the sake of it - make sure it directly supports the point and the argument you're making.

Source visit: IB Economics Diagrams

Frequently Asked Questions: Strategies For Economic Growth and Development In IB Economics

Q1: What is the difference between economic growth and economic development? Economic growth refers to an increase in a country's real GDP - it's a purely quantitative measure. Economic development is broader, covering improvements in living standards, healthcare, education, and equality. Growth can happen without development (for example, if income gains are captured only by the wealthy), and development can occur even when growth is modest.

Q2: What are the best strategies for ELDCs to achieve economic development? There's no single "best" strategy - it depends on the country's specific circumstances. Most successful ELDCs use a combination of approaches: trade strategies (import substitution or export promotion), attracting FDI, investing in education and healthcare as merit goods, securing foreign aid and multilateral finance, and reforming institutions (property rights, anti-corruption, women's empowerment). Rwanda's transformation since 1994 is often cited as a multi-strategy success story.

Q3: What is import substitution, and does it work? Import substitution is a trade strategy where governments use tariffs and quotas to protect domestic industries from foreign competition, encouraging consumers to buy locally produced goods. It can help in the short term by protecting infant industries and jobs. However, critics argue that prolonged protection can lead to inefficiency and slow innovation, since protected firms don't face the pressure of international competition.

Q4: What is the role of the World Bank and IMF in economic development? Both institutions were founded in 1944 and provide financial support to lower-income countries. The World Bank focuses on long-term development projects - infrastructure, schools, hospitals - through concessionary and non-concessionary loans. The IMF provides short-term financial assistance to countries facing balance of payments crises, typically with conditions attached (like spending cuts or market liberalisation). Their effectiveness is debated - supporters say they bring essential finance; critics argue their conditions can worsen inequality.

Q5: Why is institutional change important for economic development? Strong institutions - functioning legal systems, secure property rights, anti-corruption frameworks, access to banking, and women's empowerment - create the environment in which other development strategies can actually work. Without them, even large amounts of foreign aid or FDI can be undermined by corruption, insecure investment environments, or the exclusion of half the population from economic life. Institutional change is often described as the "invisible infrastructure" of development.

Stay well,

Related Topics:

IB Economics Hub Page your IB Economics daily guide

IB Economics The Global Economy Hub Page access Economic Development here as well as the rest of the module 4

IB Economics Poverty Hub Page for absolute poverty and the World Bank theory and information

IB Economics Activity book Page Module 4 The Global Economy Units 4.9 to 4.12 for Sustainable Development, Measuring Economic Development, Barriers to Economic Development and Strategies for economic development exam practice, activities, model answers and IB Economics Marking schemes

IB Economics Inequality Hub Page to learn and research directly related topics such as the Gini coefficient and income inequality

IB Economics Diagrams Page Check Units 29 and 30 for All Measuring Economic Development and Barriers to Growth and/or Economic Development diagrams with explanations. Check Unit 12 for positive externalities…market failure diagram → to understand the market failure / merit goods part of the blog entry. Check Unit 16 for AD/AS diagram → aggregate demand and supply. Check Unit 26 for tariff diagram → and revise the trade protection blog entry

IB Economics Balance of Payments Page to be able to acquire some background on the "balance of payments crises"

IB Economics International Trade Hub Page for examples and further information on the Asian Tigers and other export-led growth cases

Read Next: IB Economics Sustainable Development Goals Page

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