We have a comparative advantage in mid-technology exports, while the most dynamic emerging economies focus on either high-tech or low-tech good. Thus, those economies compete more directly with exports from the United States and Japan or other emerging economies. The euro area is also helped by the composition of demand in emerging economies.
We are extremely grateful to them for their invaluable assistance in the country’s turnaround by sending their remittances officially through the banking channels. Had we not received this large flow of remittances every year in the past four years, it would have been difficult to accumulate the foreign exchange reserves to the level we have today.