ECO 105 Chapter Notes - Chapter 5: Gross Domestic Product, International Monetary Fund
Document Summary
This class focused on two articles in which gave us an introductory look into the real-world aspect of the term gdp, or gross domestic product. Opening the floodgates the economist (may 9th, 2009) - http://econ. st/2exttki. Generally, countries are in favor of a growth in the amount of goods exported, but are usually not in favor of importing goods from other countries. India, before 1991, imposed a huge tariff on imports, so therefore many countries did not want to trade with india. In 1991, the imf (international monetary fund) gave india a . 5 billion bail-out package or loan. There was one main condition india had to lower their tariffs on all imports. Many feared that this condition would allow lots of imports to come into. India slashed tariffs on imports from an average of 90% in 1991 to 30% in 1997, doubling in the amount of imports coming into the country.
