Balance of payment deficit implies that a country is

Assessment: WAEC SSCE - Economics - 2000 (Objective) Subject: Economics

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Balance of payment deficit implies that a country is
Answer Details
Balance of payment deficit implies that a country is importing more than she is exporting. This means that the total value of the goods and services that the country imports exceeds the total value of the goods and services that the country exports. In other words, the country is spending more on foreign goods and services than it is earning from the sales of its own goods and services to other countries. This can result in a shortage of foreign exchange reserves and can lead to difficulties in meeting foreign financial obligations.
Read lesson note on International Economic Organizations (JAMB)
Read lesson note on International Trade And Balance Of Payments (WAEC)
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