Choose the given statement as true/false:

Cheap and affordable credit is important for a country's development.

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True

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Detailed Solution

The above statement is true.
If people have easy access to affordable credit that will encourage them to put more money into their labour, they will be able to earn more. Loans for people could be used to meet a variety of requirements. They will be protected from being taken advantage of by the shadow economy. As more people access affordable financing, they invest more in small companies, agriculture, and other sectors, raising the country's GDP. A country's economic development will unavoidably be accelerated by more investment. Accessible finance will protect them from debt traps and enable them to contribute to the expansion of the national economy.

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