Reasons for formation of/Advantages/benefits of Economic/regional Integration
- Production on scale leads a reduction in the cost of production and reduced inflation
- Leads to increase in product availability and customers’ choice.
- market expansion and efficiency gains
- increase investment to cater for bigger market
- economic and political stability because of stronger economic ties, which provide an incentive to resolve conflicts peacefully and lead to greater stability
- Trade liberalization due to minimal government intervention
- Increase in employment opportunities and labour mobility
- Leads shared costs of public goods or large infrastructure projects
- Encourage joint research and skill development
- Promotes proper utilization of resources due to competition among member countries
- Improves product quality due to competition
- Attracts investment
- Promotes specialization
CATEGORIES Economics
TAGS Dr. Bbosa Science
