Economics World Bank Questions
The concept of economic diversification refers to the process of expanding and varying a country's economy by developing new industries and sectors, reducing dependence on a single industry or sector. It involves promoting the growth of different economic activities, such as agriculture, manufacturing, services, and technology, to create a more balanced and resilient economy. Economic diversification aims to reduce the risks associated with relying heavily on a single industry, such as fluctuations in commodity prices or market demand, and to foster long-term sustainable development and economic stability.