PROMOTING GROWTH IN THE OPEN ECONOMY
Increasing the growth of output in open economies involves more than just waving a magic wand that will attract investors or savers. The saving and investing climate. involves a wide array of policies, including a stable macroeconomic environment, secure property rights,and, above all, a predictable and attractive climate. for investment. We review in this section some of the ways that open economies can improve their growth rates by using the global marketplace to their best advantage.
Promoting economic growth in an open economy wolves ensuring that business is attractive for foreign and domestic investors who have a wide ar- ,,:~ of investment opportunities in the world economy. The ultimate goals of policy are to have high rates of saving and investment in productive channels and to ensure that businesses use the best-practice techniques, Achieving these goals involves setting a stable macroeconomic climate, ,guaranteeing dependable property rights for both tangible investments add intellectual property, providing exchange rate convertibility that allows investors to take home their profits, and maintaining confidence in the political and economic stability, of the country.
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