Banking Term: Dual Economy

Find important banking term that is useful in upcoming banking exam.

Created On: Jun 8, 2015 15:43 IST

Banking Term: Dual Economy

  • A dual economy is the existence of two separate economic sectors within one country, divided by different levels of development, technology, and different patterns of demand.
  • The economy of under developed countries is dualistic in nature i.e it falls into two conspicuously distinct but sharply contrasted division.
  • There is a modern sector, mostly sector, mostly in the urban areas where the social and economic organization is of an advanced nature and there is traditional sector comprising the backward indigenous social and production.

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