In recent years, developing countries have shifted their focus from import substitution to export-led growth strategies.

Question

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Many developing countries have transitioned from import substitution, which emphasizes replacing foreign imports with domestic production, to export-led growth strategies that focus on expanding their export base to foster economic growth. This shift is due to the realization that export-led growth can lead to greater economies of scale, technological advancements, and increased foreign exchange earnings.

In Recent Years, Developing Countries Have Shifted Their Focus from Import