Briefly comment on the following statements:
(a) The world economic scenario has undergone rapid changes particularly during the last one decade.
(b) Foreign investment has the advantage that it does not create any liability for the receiving country.
(c) International trade in textiles and clothing has been characterized by a long history of managed trade.
(d) Knowledge is increasingly becoming the engine that will fuel many of the most rapidly growing service industries.

(a) The years from 2008 to 2018 were an eventful period for the global economy, but no one would call them transcendent. The advanced economies suffered their most serious economic and financial crisis since the Great Depression, while events in Greece and elsewhere in Europe threatened the very survival of the Euro Area. A disappointing recovery gave rise to concerns about secular stagnation, the idea that deficient demand combined with stagnant productivity growth doomed the advanced countries to chronic slow growth. In contrast, emerging markets, led by but not limited to China, escaped the crisis largely unscathed. They continued to expand throughout the crisis and for much of the subsequent decade.

As a result, the global economy grew at a more than respectable average annual rate of 3.4 percent over the years from 2008 to 2018. Global trade continued to rise: after _________ _______ __________ ___ _______ ______ _____.
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