It's definitely not a magic wand but it's a prerequisite for sure. Switzerland has actually tried to pursue a policy of keeping its exchange rate depressed to

It's definitely not a magic wand but it's a prerequisite for sure. Switzerland has actually tried to pursue a policy of keeping its exchange rate depressed to make its industry and agricultural exports competitive. High exchange rates dont preclude switzerland from exporting complex industrial machinery or watches or anything else high up on the value chain but you need to develop industrially before getting to the point where you can do that. El Salvador cant export fancy watches. 1990s China couldnt even dream of it either. China after decades of pegging low can do it.