What African Industrial Development Can Learn from East Asian Successes
The path to becoming an advanced economy can be a difficult one that is fraught with obstacles, traps, and frequent reversals. Yet in the past half century several East Asian nations have completed the journey by increasing their ‘economic fitness’, implementing structural changes and leveraging their comparative advantages. Complexity and Economic Fitness is a methodology that measures the stage of an economy’s development and suggests feasible upgrades to more sophisticated production and diversity, which can lead to greater global competitiveness. This note highlights the East Asian lessons that African nations, and Ethiopia in particular, are putting to use. These include focusing on competitiveness in select industries, acquiring know-how from global leaders, seeking foreign partners and investment, and developing a national strategy to create the industries of the future. The application of these lessons is also of interest to private investors, as it can allow them to identify the economies utilizing Economic Fitness analyses and thus offer opportunities for growth and investment.
| Main Authors: | , , |
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| Format: | Brief biblioteca |
| Language: | English |
| Published: |
International Finance Corporation, Washington, DC
2020-08
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| Subjects: | EMERGING MARKET ECONOMIES, INDUSTRIAL DEVELOPMENT, COMPARATIVE ADVANTAGE, DIVERSIFICATION, ECONOMIC FITNESS, PRODUCTIVITY GROWTH, POVERTY TRAP, INDUSTRIALIZATION, CUT FLOWERS, EXPORT COMPETITIVENESS, VALUE CHAIN, |
| Online Access: | http://documents.worldbank.org/curated/en/594721606369837976/What-African-Industrial-Development-Can-Learn-from-East-Asian-Successes-The-Role-of-Complexity-and-Economic-Fitness https://hdl.handle.net/10986/34852 |
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| Summary: | The path to becoming an advanced economy
can be a difficult one that is fraught with obstacles,
traps, and frequent reversals. Yet in the past half century
several East Asian nations have completed the journey by
increasing their ‘economic fitness’, implementing structural
changes and leveraging their comparative advantages.
Complexity and Economic Fitness is a methodology that
measures the stage of an economy’s development and suggests
feasible upgrades to more sophisticated production and
diversity, which can lead to greater global competitiveness.
This note highlights the East Asian lessons that African
nations, and Ethiopia in particular, are putting to use.
These include focusing on competitiveness in select
industries, acquiring know-how from global leaders, seeking
foreign partners and investment, and developing a national
strategy to create the industries of the future. The
application of these lessons is also of interest to private
investors, as it can allow them to identify the economies
utilizing Economic Fitness analyses and thus offer
opportunities for growth and investment. |
|---|