This report reviews theoretical and empirical literature on the dynamic economic effects of trade liberalization. The primary focus of the report is the relationship between economic growth and trade liberalization. A critical assessment of the literature is provided, as well as are several empirical. 14/12/ · In the era of economic globalisation which allowed for trade liberalisation and integration, a phenomenon of internationalisation has a significant impact on contemporary enterprises (Altaf & . CHAPTER 5 – IMPACT OF LIBERALISATION per cent in the study by Kawasaki and Dee The change in Japanese GDP is estimated to be per cent in the study by CIE and per cent in the study by Kawasaki and Dee. The macroeconomic results differ in magnitude due to assumptions underlying the economic modelling.