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Perspectives on Global Development 2013

Industrial Policies in a Changing World

image of Perspectives on Global Development 2013

First launched in 2010, Perspectives on Global Development (PGD) is OECD’s annual publication on emerging development issues. The PGD takes the new geography of economic growth, poverty and power as a point of departure. Each year, the report identifies, analyses and provides evidence and policy solutions to the most pressing global development challenges in the new multipolar world. It provides an overview of global trends and structural transformations in the world economy and informs policy makers in developing countries on the implications in the formulation and implementation of national policies. Each year, the report focuses on a different topic covering diverse socio-economic facets of development from trade, development finance, infrastructure, production development and innovation to gender, employment, migration, fiscal and social policies.

During the past decade, the global economic centre of gravity has shifted eastwards and southwards, creating new opportunities for economic co-operation, trade and investment but also new challenges. This “shifting wealth” is a game changer for economic policy and is at the centre of the first three editions of the Perspectives on Global Development, which document the phenomenon (PGD 2010) and analyse its implications for social cohesion (PGD 2012) and productive growth strategies (PGD 2013).

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Mobilising financial resources

OECD Development Centre

Adequate access to finance is essential for productive upgrading and economic growth. The scarcity of funds in developing countries is often the outcome of a low level of financial intermediation. Small firms, which rely almost exclusively on bank loans for external funding, are more affected by this financing gap, and even more so for long-term financing. To tackle these barriers, development banks have gained importance as instruments for facilitating access to credit and have recently expanded their activities. Credit guarantee schemes have also grown considerably in recent decades. International financial institutions, such as domestic public institutions, have contributed to expanding financial access to firms. Alongside traditional financing mechanisms, new instruments have been tailored to respond to the specificities of small and medium-sized enterprises (SMEs) in non-OECD economies.

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