Explain five methods that can be used by a country to solve the problem of deficit balance of payment.

Answer:

-Borrowing from other coutries; a country can borrow from other countries to offset balance of payment deficit
-Increasing the volume of exports e.g through export compensation
-Through import substitution. A country can put up industries to produce goods for home consumption instead of importing
-Encourage foreign investment in the country. This leads to production of goods for consumption and export also
-Selling of investments to foreign countries. This
enable the country to get money for clearing the deficit
-Use of customs. To encourage exports of goods and services by reducing imports

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