Can less developed countries grow by secondary sector, Business Economics

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Can economies grow of less developed countries by developing its secondary sector?

Economies grow of less developed countries by developing its secondary sector because manufacturing:

• Commonly has a higher value added than agricultural products and it may bring employ, exports and growth and higher incomes.

• Has higher income elasticity of demand therefore as world income grows demand for manufacturing rises by a big proportion. The opposed is true for agricultural products.

• Fewer prices is volatile as this is not as subject to unforeseen conditions (frost, disease) like agriculture.


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