Export diversification and economic growth : the experience of selected least developed countries
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Abstract
The objective of this study is to estimate empirically the relationship between GDP growth rates and exports and export diversification to test the “export-led growth hypothesis” for selected Asian LDCs (Bangladesh, Nepal and Myanmar), predicated on the simple ordinary least squares method and standard Granger causality technique. Based on these results and drawing upon the successful export-led growth experience of Malaysia, recommendations for export policy will be made for the selected LDCs. The “Programme of Action for Least Developed Countries”, adopted in May 2001 at the Third United Nations Conference on Least Developed Countries in Brussels, also provided additional motivation for undertaking this study. As indicated in paragraphs 65 and 67 of General Assembly resolution 55/279.
The format of the rest of the study is as follows: chapter II provides a detailed discussion of export development and the corresponding policies related to export diversification in the three LDCs. Chapter III reports empirical results of the existing export diversification experiences and their impact on economic growth. Chapter IV describes the successful export diversification experience and policies of Malaysia, with a view to drawing lessons that could be applied by LDCs.