We use cookies on this website to give you a better user experience. By continuing to browse the site, you are agreeing to our use of cookies. Learn more

Economic Transformation and a New Economic Order

Economic Transformation and a New Economic Order
Date:
16 February 2024
Tags:
Economic transformation, International trade, Investment, World Economy

Print Article:

World economic governance was largely dominated by major developed countries in the 20th century. Over the last half-century, we have witnessed a global economic transformation. The shift is evident in the changing global shares amongst developed and developing countries across four key economic metrics: total output, trade in goods, manufacturing value added, and foreign direct investment. What we find is that the substantial transformations are not primarily caused by significant changes in the growth performance of developed countries but rather by the rapid catch-up of a few developing countries. Sustainable economic growth is a continuous process of technological innovation, elevating labour productivity, and industrial upgrading. Drawing on insights from the growth and structural transformation patterns observed in both developed and developing countries, achieving sustainable economic growth requires (i) optimising comparative advantage and effective infrastructure, (ii) managing gradual transitions economically and politically, and (iii) optimising the use of digital transformation.

Search ERIA.org

Latest Multimedia

Indonesia's ASEAN Chairmanship 2023 High-Level Policy Dialogue: ASEAN Digital Community 2045

ERIA Knowledge Lab Discusses Scaling Up Innovation and Digital Technology Ecosystem

Is ASEAN Ready for Electric Vehicles? | ASEAN Insights Podcast

Latest Articles

ASEAN, India, Trade, Global Trade, Global Supply Chain, GVC
20 November 2024
Editor(s)/Author(s): Anita Prakash
ERIA (Economic Research Institute for ASEAN and East Asia) collaborates closely with India and[...]
Trade, Trump tariffs, Roundabout trade
18 November 2024
Editor(s)/Author(s): Tadashi Ito
Although there are many news articles about tariff dodging by[...]