In the classification terminology of the World Bank, a "strongly-inward-oriented Economy" is one that has __________ trade controls and consequently __________.

Question

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A strongly-inward-oriented economy has extensive trade controls that are designed to protect domestic industries. These controls, such as tariffs and quotas, make it more expensive or difficult to import goods. As a result, the economy discriminates in favor of production for the home market rather than for export, because domestic producers face less competition from foreign companies, encouraging them to focus on satisfying domestic demand.

In the Classification Terminology of the World Bank, a "Strongly-Inward-Oriented