Openness (of markets)

Openness of markets refers to the ease with which goods, services, and investments can move across borders. It indicates a country’s willingness to engage in trade with others, allowing foreign companies to compete and operate within its economy. Open markets foster competition, leading to better prices and choices for consumers. They also encourage innovation and economic growth by allowing businesses to access larger markets. However, while openness can bring benefits, it can also expose local industries to global competition, which may challenge their viability. Balancing openness and protection is a key aspect of economic policy.