Economic diversification entails a shift away from a single income
source toward multiple income sources from an increasing spectrum
of sectors and markets. A persistent concern for some Asian and
African economies is their reliance on commodity exports and how
they are exposed to the risk of export volatility and income
instability. The Covid-19 pandemic and previous oil crashes have
demonstrated the adverse impact on such economies. This book
provides a systemic analysis of sustainable economic development
through economic diversification. The book analyzes diversification
and development experiences from comparative perspectives of Asia
and Africa. It also investigates determinants of export
diversification differentiated by commodities-dependence versus
manufactured products and looks at the roles of various
institutions and governance of institutions in export
diversification. This book will provide policy insights into how
different degrees of specialisation in exports across countries
have affected outcomes in terms of living standards, economic
growth and employment.
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