Monday September 21, 2020

Comment: Developing nations must not be fooled by the illusion of services-led growth

Industrialisation remains the best way for poorer countries to build wealth

9th September, 2020
Developing countries’ comparative advantage is low-cost labour, and they should not seek to mimic the services-led growth strategy in vogue in advanced economies. Picture: Getty

As the world prepares for the post-pandemic era, the quest for sustainable economic growth is becoming ever more intense – especially for developing countries.

It is tempting to call for these countries – the main engine of global growth in recent decades – to shift their development strategies from industrialisation to services. As new technologies increasingly allow services to be produced and traded just like goods, some economists even suggest that low-income economies should skip...

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