Export diversification and economic growth: A review and future research agenda

Abstract

The prime purpose of the article is to revisit past studies related to the link between export instability, export diversification, and economic growth. In this regard, an extensive literature survey has been made across academic journals that provided structured, comprehensive, and chronological findings and results. The authors have examined and reviewed the full text of eighty‐eight important and relevant research articles published in various scholarly journals. Most of the articles provided robust evidence about positive impact of export diversification on economic growth and mixed results regarding the impact of export instability on economic growth. The paper also attempts to find the areas where the existing literature is silent or throws light that needs to be further examined with future research in this area. Since literature gives little evidence on various aspects of export diversification and economic growth from the perspective of a group of emerging economies identified by UNCTAD and IMF, therefore, the article recommends future research in this context to explore this less unexplored area.

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