Banji Oyelaran-Oyeyinka,Kaushalesh Lal
Industrialization and Economic Diversification: Post-Crisis Development Agenda in Asia and Africa
Industrialization and Economic Diversification: Post-Crisis Development Agenda in Asia and Africa
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Economic diversification is a strategy for reducing reliance on commodity exports and increasing income stability. This book provides a systemic analysis of sustainable economic development through economic diversification, with a focus on Asia and Africa. It investigates determinants of export diversification, the roles of institutions, and the impact on living standards, economic growth, and employment.
Format: Hardback
Length: 186 pages
Publication date: 14 April 2022
Publisher: Taylor & Francis Ltd
Economic diversification is a strategic shift towards generating multiple income streams from a diverse range of sectors and markets. This approach aims to reduce reliance on a single income source, which can be vulnerable to fluctuations and instability. For many Asian and African economies, the concern lies in their heavy dependence on commodity exports, exposing them to the risks of export volatility and income shocks. The COVID-19 pandemic and previous oil crashes have vividly demonstrated the adverse impact on these economies.
This book offers a comprehensive systemic analysis of sustainable economic development through economic diversification. It explores diversification and development experiences from comparative perspectives of Asia and Africa, examining the determinants of export diversification, differentiated by commodities-dependence versus manufactured products. Additionally, it delves into the roles of various institutions and governance of institutions in promoting export diversification.
The book aims to provide valuable policy insights into how different degrees of specialisation in exports across countries have influenced outcomes in terms of living standards, economic growth, and employment. By examining the successes and challenges faced by these economies, policymakers and stakeholders can gain valuable insights into strategies for promoting sustainable economic growth and reducing vulnerability to external shocks.
In conclusion, economic diversification is a crucial strategy for promoting sustainable economic development and reducing vulnerability to external shocks. This book provides valuable insights into the experiences of Asia and Africa in diversifying their economies and offers policy recommendations for promoting sustainable growth and prosperity.
Weight: 550g
Dimension: 234 x 156 (mm)
ISBN-13: 9781032156866
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