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Economic Growth Of A Global Village

Decent Essays

Economic growth of countries has always been a topic of research interest. Whether the country is developed, developing or least developed, economic researchers tried to find the reason behind economic growth or the lack of it. With many other factors contributing towards economic growth, international trade was also found beneficial for both trading countries according to Edwards (1993). Today, when the world is becoming a global village, the importance and benefits of international trade cannot be ignored.
Many theoretical and empirical studies have been conducted relating export import and economic growth. Previously, the focus was mainly given to export and export led growth ignoring the case that import in many ways increases export. Afterwards, many economists brought import demand in the scenario and captured the whole picture and relationship between export, import and economic growth. Empirical studies found different results for different regions and countries of the world. Some accepted and some rejected the relationship.
Similar to many other developing countries, Bangladesh also aims towards high and sustainable economic growth. To maintain that determinants of growth are identified and policies are made according to that. Starting extensive trade liberalization during early 90s was one step towards that which clearly shows the result in terms of faster growing economy. After the liberation, Bangladesh was following a protectionist approach in terms of

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