What are the growth policies for high-income, middle-income, and low-income countries?

1. What are the growth policies for high-income, middle-income, and low-income countries?

2. Why are lower income economies more subject to volatile inflation?

Solutions

Expert Solution

Growth policies of low-income countries are mostly primary/Agricultural sector-oriented. In such countries, the primary/Agricultural sector is the major activity that contributes to GDP & employment.
Growth policies of middle-income countries are mostly secondary/Industrial sector-oriented. In middle income countries, the secondary/Industrial sector is the major activity which contributes to GDP & employment.
Growth policies of high-income countries are mostly Tertiary/Service sector oriented. In such countries, tertiary/service sector is the major activity which contributes to GDP & employment.

(2) The lower-income economies more subject to volatile inflation because their economies are mostly primary/Agricultural goods dependent whose price high fluctuates due to various reasons like unpredicted weather conditions, droughts & floods, international market prices, government subsidies etc. In the other hand, even if they have some industries, which also depend on the importing price of crude oil. Any change in crude of oil prices will direct impact the prices of industrial outputs.

Rahul Sunny answered 1 year ago

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