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SS3: ECONOMICS - 2ND TERM

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  1. Balance of Payment I | Week 1
    4 Topics
  2. Balance of Payment II | Week 2
    4 Topics
  3. Economic Growth & Development | Week 3
    1 Topic
    |
    1 Quiz
  4. Economic Development Planning | Week 4
    2 Topics
    |
    1 Quiz
  5. International Economic Organisations I | Week 5
    4 Topics
  6. International Economic Organisations II | Week 6
    6 Topics
    |
    1 Quiz
  7. Current Economic Plans | Week 7
    5 Topics
    |
    1 Quiz
  8. Economic Development Challenges | Week 8
    4 Topics
  9. Economic Reform Programs | Week 9
    5 Topics



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Ways of Correcting Deficit or Unfavourable Balance of Payment

1. Borrow short term loans from IMF to service trade areas 

2. Improving foreign exchange earnings by encouraging export

3. Reduce importation by introducing instruments of barriers to trade like quotas, tariffs, licensing, etc. 

4. Encourage infant industries

5. Devaluation

6. Obtaining grants from friendly nations

Balance of Payment Deficit can be Financed Through the Following Means

1. Short-term borrowing from abroad e.g. World Bank, IMF, etc.

2. Importing goods on credit 

3. Using up foreign exchange reserve

4. Selling foreign investment

5. Encouraging export and discouraging import substitution process

How balance of Payment Disequilibrium is Adjusted

1. Stimulation of export

2. Deflating the currency

3. Borrowing

4. Devaluation

5. Sales of foreign exchange 

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