1,for the country that heavily rely on import do you think that import substitution strategy can be taken as panacea for its economic malady

Answer 1

Import substitution strategy can potentially help a country reduce its reliance on imports and boost domestic production, thereby improving its economic situation. However, it is not a panacea for all economic issues. There are several factors to consider when implementing import substitution, including the country's existing industries, infrastructure, and market demand. Additionally, there may be challenges such as lack of skilled labor, high production costs, and competition from foreign companies. Import substitution should be part of a larger economic strategy that includes measures to improve competitiveness, attract investment, and create a favorable business environment.