Structural Change, Fundamentals, and Growth : A Framework and Case Studies
Developing countries made considerable gains during the first decade of the 21st century. Their economies grew at unprecedented rates, resulting in large reduction in extreme poverty and a significant expansion of the middle class. But more recentl...
| Main Authors: | , , |
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| Format: | Working Paper |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2017
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/684381493210845244/Structural-change-fundamentals-and-growth-a-framework-and-case-studies http://hdl.handle.net/10986/26481 |
| Summary: | Developing countries made considerable
gains during the first decade of the 21st century. Their
economies grew at unprecedented rates, resulting in large
reduction in extreme poverty and a significant expansion of
the middle class. But more recently that progress has slowed
with an economic environment of lackluster global trade, not
enough jobs coupled with skills mismatches, continued
globalization and technological change, greater income
inequality, unprecedented population aging in richer
countries, and youth bulges in the poorer ones. This essay
examines how seven key countries fared from 1990-2010 in
their development quest. The sample includes Brazil, India,
Vietnam and four African countries -- Botswana, Ghana,
Nigeria, and Zambia -- all of which experienced rapid growth
in recent years, but for different reasons. The patterns of
growth are analyzed in each of these countries using a
unifying framework that draws a distinction between the
"structural transformation" and
"fundamentals" challenges in growth. Out of the
seven countries, the traditional path to rapid growth of
export oriented industrialization only played a significant
role in Vietnam. |
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