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Economic and Social Survey of Asia and the Pacific 1998

image of Economic and Social Survey of Asia and the Pacific 1998

This Survey analyzes recent economic and social developments in the region with particular emphasis on economic and social policy issues and broad development strategies. An essential resource for every multinational corporation intending to expand their business in Asia or to invest in the region.

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Managing the external sector

The external sector of a country plays a key role in economic development. It has two major interrelated dimensions: real flows of goods and services and financial flows in the form of official aid or loans, remittances, commercial payments and other private flows, including FDI, portfolio investments and debt-related flows. From the perspective of the real economy, exports permit economies of scale, a degree of specialization according to comparative advantage and a level of production that cannot be sustained by domestic demand alone. Imports alleviate growth-retarding supply shortages, especially of goods and services used in production and contain increases in the cost of consumer or wage goods, raw materials, capital equipment and services. Participation in international trade can generate positive externalities, particularly by enhancing the opportunities for access to knowledge and technology that can expand the production frontier.

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