According to Hollis Chenery and Alan Strout, which two development phases experience growth at the maximum rate allowed by the most restrictive constraints?

Explanation

The four identified constraints are: I - skill limitation, II - savings shortfall, III - fiscal deficit, and IV - foreign exchange shortage. Growth peaks when limited by these factors. The correct stages where growth is constrained by the most limiting factors are II (the savings gap) and IV (the foreign exchange gap).