1887

Economic Diversification

It is a common element of diagnoses of “the commodity problem” that the producers of most primary commodities are collectively handicapped by slow growth of demand (low income-elasticity of demand, particularly in the higher-income countries which constitute the largest markets for many commodities). It follows that a major part of the required increase of export earnings of the developing countries as a group will have to come from goods and services other than the traditional, staple primary products.

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