Which of the following is are features of Middle income trap economy 1 Excessive dependence on a res...........

Economic Affairs Money Supply and Monetary Policy

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Which of the following is/are features of Middle income trap economy?

1.Excessive dependence on a resource economy

2.Inadequate innovation

3.Slow reforms and poor competitiveness

4.High Female labour force participation

Select the correct answer using the codes given below

1 and 4 only

2 and 3 only

1, 2 and 3 only

4 only

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Explanation:

1, 2 and 3 only

Excessive dependence on a resource economy is a feature of the middle-income trap. Countries in the middle-income trap often rely heavily on specific sectors, and this overdependence can hinder overall economic development.

Inadequate innovation is another characteristic of the middle-income trap. These economies may struggle to transition to higher value-added industries and face challenges in fostering innovation.

Slow reforms and poor competitiveness are also features of the middle-income trap. Failure to implement necessary reforms and improve competitiveness can hinder economic progress and trap a country in the middle-income range.

High Female labor force participation is not typically considered a characteristic of the middle-income trap. It is more related to labor market dynamics and gender equality issues.

Therefore, the correct answer is "1, 2, and 3 only."

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