What are the various means by which countries are trying to strengthen their own domestic economies?
Nations are primarily adopting various means to strengthen their domestic economies amidst the process of globalisation. To achieve this, they are forming regional and global economic groupings such as SAARC, European Union, ASEAN, G-8, G-20, and BRICS. These groupings help countries navigate the economic transformation taking place across the world.
In addition, countries are showing an increasing eagerness to understand the developmental processes pursued by their neighbouring nations. This allows them to better comprehend their own strengths and weaknesses vis-à-vis their neighbours. This understanding is considered essential for developing countries as they face competition not only from developed nations but also amongst themselves.
Explanation
The answer is derived directly from the first paragraph of the provided context. It highlights two main strategies: forming economic groupings and understanding neighbouring nations' developmental paths. The context explicitly lists the groupings (SAARC, EU, etc.) and explains the rationale behind studying neighbours (understanding strengths/weaknesses and facing competition).
Solution Steps
Identify the primary means mentioned in the text: forming regional and global economic groupings.
List the specific examples provided: SAARC, European Union, ASEAN, G-8, G-20, BRICS.
Identify the secondary means: understanding developmental processes of neighbouring nations.
Explain the purpose: to comprehend strengths and weaknesses and face competition from developed nations.