Question

Choose a developing country that is starting to participate in global trade. Describe how economic concepts are affecting the lives of people in that country. Describe both the benefits and drawbacks of the country’s global trade activities.

Answer 1

Answer:

The country chosen is Vietnam.

Explanation:

Vietnam was a country that until a few decades ago, was a closed, planned economy ruled by a socialist regime.

The regime is still in place, but has introduced economic reform. In particular, Vietnam has become a place that attracts manufacturing companies from the rest of the world, due to its low labor costs, and that exports those goods and services to the rest of the world.

This economic integration has benefited Vietnam. Vietnam has registered very fast economic growth in recent years, with GDP Per Capita growing continuosly, and poverty falling as well.