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Synopsis
The “Wheel of Diversification and Development” is a framework that can be used by governments to diversify their economies.
The model has identified 9 factors that are essential to the diversification of the economy and without proper output of these factors, successful diversification would be difficult.
Factors include the interrelated areas of financials, HD, institutions and policies, infrastructure, export, innovation, entrepreneurship, private sector, and SOEs.
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