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Structural change, fundamentals, and growth : a framework and case studies

Author: Margaret Stokes McMillan; Dani Rodrik; Claudia Paz Sepulveda; National Bureau of Economic Research,
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2017.
Series: Working paper series (National Bureau of Economic Research), no. 23378.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Developing countries made considerable gains during the first decade of the 21st century. Their economies grew at unprecedented rates, resulting in large reductions 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  Read more...
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Details

Genre/Form: Case studies
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Margaret Stokes McMillan; Dani Rodrik; Claudia Paz Sepulveda; National Bureau of Economic Research,
OCLC Number: 986221421
Notes: "May 2017"
Description: 1 online resource (44 pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 23378.
Responsibility: Margaret McMillan, Dani Rodrik, Claudia Sepulveda.

Abstract:

Developing countries made considerable gains during the first decade of the 21st century. Their economies grew at unprecedented rates, resulting in large reductions 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 seven developing countries -- Botswana, Ghana, Nigeria, Zambia, India, Vietnam and Brazil -- 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 which draws a distinction between the “structural transformation” and “fundamentals” challenge in growth. Out of these seven countries, the traditional path to rapid growth of export oriented industrialization only played a significant role in Vietnam.

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