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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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Overview

OECD Development Centre

Since the mid-1990s, economic growth rates in large and populous middle-income countries have substantially outpaced those in OECD countries (). This has reshaped the global economy and favoured convergence in global income per capita. In the 2000s, 83 developing countries doubled OECD per capita growth rates, compared with only 12 in the 1990s. The process of shifting wealth was led by China and India, but other countries are also contributing to it, including Brazil and South Africa. In spite of the persistence of large gaps in income per capita between OECD and non-OECD economies and the wide inequality within developing countries, most developing countries have improved their macroeconomic management and have started to address long-term structural challenges. New forms of foreign direct investment (FDI) to and from developing countries, the increase in South-South trade and the demands from the new middle classes in developing countries are helping to open up new growth opportunities. Developing countries are still accumulating capital and labour but they are also improving their capabilities and increasingly using and producing innovations. However, mastering technology and knowledge in order to move up the value chain is still a goal to be achieved for most of them.

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