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Economist Clara Holt argues that the region's new trade policy was not the primary driver of its industrial growth, noting that the growth trend was already underway two full years before the policy took effect. _______, the infrastructure investments made during those earlier years, rather than the later policy, supplied the foundation on which the region's subsequent expansion was built. Which choice completes the text with the most logical transition?

  1. Nevertheless
  2. Indeed
  3. Consequently
  4. Specifically

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