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QUESTION 2 (25) 2.1 Chile is abundantly endowed with natural resources. Are natural resources a necessary or sufficient condition for economic growth? Discuss. (15) 2.2

QUESTION 2 (25)

2.1

Chile is abundantly endowed with natural resources. Are natural resources a necessary or sufficient condition for economic growth? Discuss. (15)

2.2

You are the Economic Advisor to the Chilean government under the Ministry of Industry and Economic Development; using information in the article submit suggestions about how the balance of trade and the current account respectively, can be turned into surplus. Make FIVE (5)suggestions in this regard and explain how they might serve to improve the balance of payments (BOP) position of Chile. (10)

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