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Developing countries as a whole have been remarkably successful in diversifying their economies and their export structures.
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E-trade is widening the range of mechanisms by which small producers in developing countries can grow through exporting. They show unanimously, from various samples of countries, that export diversification contributes to developing countries’ economic growth (Lederman and Maloney, 2006; Agosin, 2007; Naudé and Rossouw, 2011; International Monetary Fund (IMF), 2014a, 2014b, 2017). 0000005101 00000 n
New technologies that have led to steep declines in transport and communications costs have created enormous opportunities for developing countries to export services such as back-office processing. Learn how the World Bank Group is helping countries with COVID-19 (coronavirus). 0000000016 00000 n
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Expansion into these fields not only broadens the base of production, it also diversifies the structure of employment and, especially for women, increases opportunities to find productive work.
A lack of economic diversification is often associated with increased vulnerability to external shocks that can undermine prospects for … 77 0 obj
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1a, b show the empirically determined networks of related products (a) and related research areas (b). 0000010676 00000 n
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Therefore, the least developed countries are the poorest of the developing countries. The …
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Finally, growth in developing countries over the last decade has created the means to reduce dependence on the North American and European markets.Director, Regional Integration and Engagement, South Asia There shall be great change in the economy of developing countries if economic diversification is well understood and practicedThis site uses cookies to optimize functionality and give you the best possible experience. 0000005024 00000 n
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All of this points up the need for diversification strategies that can deliver sustained, job intensive and inclusive growth. This is growth that can transform households and countries and boost participation in education — which, in turn, enhances long-term productivity and poverty reduction.
The most prominent change has been the shift towards industry. Economic Diversification in Resource Rich Countries Alan Gelb1 I Introduction. 0000002891 00000 n
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The global economy is stagnating, and uncertainty about its future is rising. 0000231808 00000 n
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These trends weigh heavily on countries that depend on the production and export of a small range of products, or that sell products in only a few overseas markets. To identify strategies that optimize knowledge diffusion we first empirically characterize path dependencies, and then use this characterization to simulate development through various strategies. To learn more about cookies, The content of this field is kept private and will not be shown publicly Economic diversification is the process of shifting an economy away from a single income … Traditionally, economic diversification has been used as a strategy to transform the economy from using a single source to multiple sources of income spread over primary, secondary and tertiary sectors, involving large sections of the population. This process of diversification has taken many forms. 0000222787 00000 n
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Developing countries include, in decreasing order of economic growth or size of the capital market: newly industrialized countries, emerging markets, frontier markets, Least Developed Countries.
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