Dual Economy
A dual economy refers to a situation in which two distinct economic sectors coexist within a single country. Typically, one sector is modern and industrialized, characterized by advanced technology and higher productivity, while the other is traditional and often agricultural, relying on less efficient methods. This division can lead to disparities in income, employment, and access to resources.
In many cases, the modern sector attracts foreign investment and generates significant economic growth, while the traditional sector may struggle to keep pace. This imbalance can create challenges for policymakers, as they seek to integrate both sectors and promote equitable development across the entire economy.