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Open Economy

   Also found in: Wikipedia 0.01 sec.
Open Economy
An economy in which participants are permitted to buy and sell goods and services with other countries. The GDP of open economies includes exports (which add to GDP) and imports (which subtract). Some very open economies have few or no trade restrictions such as tariffs, but this is rare in practice. Nearly every economy in the world is an open economy to a greater or lesser extent.


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Ireland is a small, open economy and therefore as a country they have no control over decisions taken by the larger economies of the world.
This is great news for an open economy such as Ireland - indeed, our worst fears may turn out to have been just a little overcooked.
Besimi stressed that Macedonia as a small and open economy remained committed to further trade liberalization with the countries of the region, which is one of the conditions for Macedonia's accession to the EU.
 
 
 
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