Working for Economic Transformation
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Asia Pacific's Time, 2020
Asia Pacific's Time We must act now November 2020 www.pwc.com/asiapacific Contents Executive Summary 5 Time to act Chapter one 11 Shifting paradigms in Asia Pacific Chapter two 18 Growth pillars for success Pillar one Advancing the digital economy 21 Pillar two Enabling regional enterprise growth 32 Pillar three Rebalancing supply chains and fostering innovation 40 Pillar four Expanding and future-proofing the labour force 49 Pillar five Building climate change resilience towards a net-zero future 60 Chapter three 70 New ways of building a collective future Asia Pacific's Time | 2 Foreword Note from PwC Asia Pacific Chairman and Senior Partners Asia Pacific is at an important juncture in its journey. The fundamentals Raymund Chao that underpinned the region’s dramatic growth and prosperity over the PwC Asia Pacific Chairman past three decades are not sufficient to carry us through this era of Chairman, PwC China continuous disruption. Governments, businesses and society all need to Tom Seymour take a more proactive approach to secure the region’s future and fulfil its Chief Executive Officer, PwC Australia potential towards greater and more inclusive development and prosperity. Eddy Rintis Territory Senior Partner, PwC Indonesia We have heard from business leaders across the region, the severity of the challenges they now face, and the importance of reshaping the Koichiro Kimura direction of their organisations. However, many have feelings of caution Group Chairman, PwC Japan and apprehension in making decisions in this time of uncertainty. As we all Soo Hoo Khoon Yean look beyond COVID-19, PwC aspires to alleviate some of this anxiety and Territory Senior Partner, PwC Malaysia/Vietnam ambiguity, and ultimately help our clients build trust and confidence with Mark Averill their stakeholders. -
World Bank Document
TRADE, INVESTMENT AND COMPETITIVENESS Public Disclosure Authorized Public Disclosure Authorized TRADE, INVESTMENT AND COMPETITIVENESS EQUITABLE GROWTH, FINANCE & INSTITUTIONS INSIGHT Public Disclosure Authorized Th Eff cts of Comptition on Jobs nd Economic Trnsformtion Public Disclosure Authorized Seidu Dauda This note was prepared by Seidu Dauda (Economist). The author is grateful to Jose Signoret (Senior Economist), Mariana Iooty (Senior Economist), and Yue Li (Senior Economist) for valuable comments and insights and to Georgiana Pop (Competition Policy Global Lead) and Christine Qiang (Practice Manager) for overall advice. ABSTRACT Fostering sustainable productivity growth to achieve economic transformation that creates better earning opportunities for more people—the jobs and economic transformation (JET) agenda—is a key priority for the World Bank Group and its client countries. Several types of policies are critical to achieving JET, including competition- enhancing policies. This paper reviews the literature to document the channels through which competition impact key dimensions of productivity and jobs, the main outcomes measured under the JET agenda. The evidence suggests that competition foster productivity gains and job creation. Competition induces firms to be more productive and innovative, fosters a better allocation of resources across economic activities, and forces less-efficient firms to exit the market while inducing more-efficient firms to enter and gain more market share. Not only can competition directly create better and inclusive jobs for more people, but also, in the medium to long term, it can indirectly create more and better jobs when the cost savings from productivity gains are either passed on to consumers in the form of lower prices or invested by firms in business expansion activities that create higher demand for goods and services. -
Global Sustainable Development Report 2019 Drafted by the Group of Independent Scientists
Global Sustainable Development Report 2019 drafted by the Group of independent scientists Invited background document on economic transformation, to chapter: Transformation: The Economy August 14, 2018 Paavo Järvensivu (1*,2*), Tero Toivanen (1,3*), Tere Vadén (1), Ville Lähde (1), Antti Majava (1), Jussi T. Eronen (1,4*) *1 BIOS Research Unit, Helsinki, Finland *2 Aalto University, Sustainability in Business Research, Helsinki, Finland *3 Department of Political and Economic Studies, University of Helsinki, Finland *4 Ecosystems and Environment Research Programme & Helsinki Institute of Sustainability Science (HELSUS), Faculty of Biological and Environmental Sciences, University of Helsinki, Finland Corresponding author: Paavo Järvensivu, D.Sc. (Econ.), [email protected] GOVERNANCE OF ECONOMIC TRANSITION We live in an era of turmoil and profound change in the energetic and material underpinnings of economies. The era of cheap energy is coming to an end (Murphy 2014, Lambert et al. 2014, Hall et al. 2014, Hall et al. 2009, Hirsch et al. 2005). Because economies are for the first time in human history shifting to energy sources that are less energy efficient, production of usable energy (exergy) will require more, not less, effort on the part of societies to power both basic and non-basic human activities. Sink costs are also rising; economies have used up the capacity of planetary ecosystems to handle the waste generated by energy and material use. Climate change is the most pronounced sink cost. What will happen during the oncoming years and decades when we enter the era of energy transition, combined with emission cuts, and start to witness more severe effects of climate change? That is the big question. -
Making Industrial Policy Work for Growth, Jobs and Development
Salazar- Xirinachs Nübler Kozul- José M. Salazar-Xirinachs Wright Irmgard Nübler Richard Kozul-Wright No country has made the arduous journey from widespread rural poverty to post-industrial wealth without employing targeted and selective government policies to modify its economic structure and boost its economic dynamism. TRANSFORMING Building on a description and assessment of the contributions of different economic traditions (neoclassical, structural, institutional and evolutionary economics) to the analysis of policies in support of structural transformation and the generation of productive jobs, this book argues that industrial policy ECONOMIES goes beyond targeting preferred economic activities, sectors and technolo- gies. It also includes the challenge of accelerating learning and the creation of productive capabilities. This perspective encourages a broad and integrated Making industrial policy work approach to industrial policy. Only a coherent set of investment, trade, tech- nology, education and training policies supported by macroeconomic, financial for growth, jobs and development and labour market policies can adequately respond to the myriad challenges of learning and structural transformation faced by countries aiming at achieving development objectives. The book contains analyses of national and sectoral experiences in Costa Rica, the Republic of Korea, India, Brazil, China, South Africa, sub-Saharan Africa and the United States. Practical lessons and fundamental principles for in- dustrial policy design and implementation -
Strengthening Africa's Capacity to Trade
Strengthening Africa’s capacity to trade The World Trade Organization (WTO) is the international body dealing with the global rules of trade between nations. Its main function is to ensure that trade flows as smoothly, predictably and freely as possible, with a level playing field for all its members. Acknowledgements This publication is the result of a joint effort from several divisions of the WTO. The project was conceived by Raúl Torres, Head of the Development Policy Unit in the Development Division. Raúl Torres and Roberta Allport were also the lead drafters and coordinators of the report. Substantive contributions to this publication were made by Wase Musonge-Ediage, Théo Mbise, Michael Roberts, James Damon Drueckhammer and Olabanji Ogunjobi (Development Division); Mercedes Ninez Piezas-Jerbi, Florian Eberth, Christophe Degain and Kathryn Lundquist (Economic Research and Statistics Division); Sheri Rosenow, Deirdre Lynch and Mark Henderson (Market Access Division, Trade Facilitation Agreement Facility); Melvin Spreij and Pablo Jenkins (Agriculture and Commodities Division, Standards and Trade Development Facility); Aimé Murigande, Willie Chatsika and Claude Trolliet (Institute for Training and Technical Cooperation); Simon Hess and Fanan Biem (Enhanced Integrated Framework); Maegan McCann, Nadezhda Sporysheva and Roger Kampf (Intellectual Property, Government Procurement and Competition Division); Markus Jelitto (Trade in Services and Investment Division); and Fabrizio Meliado, Marieme Fall and Thabo Moea Joshua (Agriculture and Commodities Division). Comments on the final draft of the report were received from Wayne McCook and Trineesh Biswas (Office of the Director General). The publication was edited and reviewed by Anthony Martin, Helen Swain and Heather Sapey-Pertin (Information and External Relations Division). -
LEVERAGING DEMOGRAPHIC TRENDS for ECONOMIC TRANSFORMATION Job Creation, Skills Development, and Urbanization Policies
FORESIGHT AFRICA LEVERAGING DEMOGRAPHIC TRENDS FOR ECONOMIC TRANSFORMATION Job creation, skills development, and urbanization policies 34 Leveraging demographic trends for economic transformation Exploring new sources of large-scale job creation: The potential role of Industries Without Smokestacks Zaakhir Asmal, Senior Researcher, Development Policy Research Unit, University of Cape Town @ZaakhirAsmal Haroon Bhorat, Nonresident Senior Fellow, Africa Growth Initiative, Brookings Institution @HaroonBhorat John Page, Senior Fellow, Africa Growth Initiative, Brookings Institution Structural change is taking place in Africa, merchandise exports across Africa.3 Notably, but with a pattern that is distinct from the firm capabilities—the tacit knowledge and historical experience of industrialized countries working practices embodied in the firm—play and contemporary East Asia. Export-led a central role in determining productivity manufacturing is playing a much smaller role and quality. For lack of a better term, we in the structural transformation of Africa’s call these “industries without smokestacks” economies. In fact, on average, the share of (IWOSS) to distinguish them from traditional, manufacturing in Africa’s GDP has fallen since “smokestacks” industries. We define IWOSS 1980. Instead, services—some with quite low activities as those that (i) are tradable; (ii) productivity—absorb the bulk of African workers have high value added per worker relative to leaving agriculture and moving to cities. These average economy-wide productivity, as well changes reflect the impact of technological as exhibit capacity for technological change progress, a changing global marketplace, and productivity growth; and (iii) can absorb and natural resource endowments on Africa’s large numbers of moderately skilled labor. In industrialization prospects. -
Overcharged and Underserved
OVERCHARGED AND UNDERSERVED: HOW A TIGHT OLIGOPOLY ON STEROIDS UNDERMINES COMPETITION AND HARMS CONSUMERS IN DIGITAL COMMUNICATIONS MARKETS Roosevelt Institute Working Paper Mark Cooper Director of Research, Consumer Federation of America Adjunct Fellow, Silicon Flatirons, University of Colorado December 2016 The Roosevelt Institute thanks the Mertz Gilmore Foundation and other generous donors for their financial support. TABLE OF CONTENTS EXECUTIVE SUMMARY x I. A SILVER CLOUD WITH A DARK LINING: THE GOOD, THE BAD AND THE UGLY 1 OF THE DIGITAL COMMUNICATIONS SECTOR A Tight Oligopoly on Steroids in Digital Communications Networks Pocketbook Impacts of the Abuse of Market Power The Good, the Bad and the Ugly in the Digital Communications Sector Conflicting Views of Communications Market Structure Outline PART I: ANALYTIC FRAMEWORK AND EMPIRICAL OVERVIEW II. CONCEPTUAL AND EMPIRICAL FRAMEWORK TO ANALYZE CORE CONCERNS 17 ABOUT MARKET POWER Basic Analysis and Concerns Defining Markets Thresholds for Concerns about Market Power Competitive Effects Coordination Effects and Incipient Competition Non-Horizontal Mergers and Market Structure Concerns Vertical Integration and Leverage Conglomeration Conclusion: The Importance and Limitation of the Antitrust Approach to Market Power Analysis III. A BROADER ECONOMIC VIEW 30 The Welfare Economics of the Abuse of Market Power Structure, Conduct, Performance The Role of Market Failure Economic Oligopoly, Inequality, and Political Oligarchy Conclusion IV. METHODOLOGY AND DATA FOR QUANTITATIVE ANALYSIS 41 Operationalizing Key Analytic Concepts Conceptual Clarity, Empirical Complexity Tying the Empirical and Conceptual Analysis Together Multiple Measures, Multiple Data Sources Measures Data ii PART II: THE ORIGIN AND STRUCTURE OF THE TIGHT OLIGOPOLY ON STERIODS ACROSS DIGITAL COMMUNICAITONS MARKETS V. -
Economic Transformation in Djibouti
Report No: 134321-DJ Public Disclosure Authorized Economic Transformation in Djibouti SYSTEMATIC COUNTRY DIAGNOSTIC October 2018 Public Disclosure Authorized The purpose of this Systematic Country Diagnostic (SCD) is to identify the most critical development constraints facing Djibouti and how to make growth more inclusive and sustainable while promoting shared prosperity. The findings and recommendations of the SCD are based on analytical work carried out by a World Bank Group team with expertise in macroeconomics and poverty analytics, human capital development and labor markets, infrastructure and private sector development, governance and climate change. The team also undertook consultations with the Government of Djibouti and representatives from civil society, private sector stakeholders and the donor community. The SCD provides analysis and recommendations for policies that the Government might pursue to reduce barriers to inclusive and sustainable growth and achieve its vision of becoming a modern economy and Public Disclosure Authorized regional hub for trade and logistics, which can create jobs and raise living standards for Djiboutians. Public Disclosure Authorized Government Fiscal Year: January 1 – December 31 Currency Equivalents: Exchange Rate Effective as of May 19, 2018 Currency Unit = Djiboutian Franc (DJF) US$1 = 177.72 DJF Weights and Measures: Metric System ABBREVIATIONS AND ACRONYMS AFC Africa Finance Corporation ES Enterprise Survey Afreximbank African Export-Import Bank FCV Fragility, Conflict and Violence AKI -
The Gold Standard, Deflation and Fascism in Polanyi's Great
The gold standard, deflation and fascism in Polanyi’s Great Transformation. A multidisciplinary analysis ERNESTO CLAR Introduction In 1944 Karl Polanyi published a work that would become a milestone in 20th-century social science, The Great Transformation. He was among the first to explain the economic and political catastrophe of the inter-war period as the final stage of a long-term process that reigned in Western Europe (and the United States) in the wake of the Napoleonic wars, market liberalism. Polanyi considered those ‘one hundred years’ to be a coherent period covering the rise and fall of 19th-century civilization. Polanyi characterized the 19th-century civilization that was destined to die with the Great Depression of the 20th century by four institutions: the balance-of-power system, the gold standard, the self-regulating market and the liberal state. Of these institutions, Polanyi asserts that the gold standard was the only one to survive both the Long Depression (previously known as the Great Depression) of 1873-1886 and the Great War. However, its ultimate failure delivered the death blow for market liberalism and, in some places, also swept liberal democracy away with it. The final part of Polanyi’s book gives a historical account of this process. However, early on in the book, Polanyi warns us that he is not conducting historical research: «what we are searching for is not a convincing sequence of outstanding events, but an explanation of their trend in terms of human institutions»1. This statement should be understood as a declaration of intent; Polanyi’s analysis was not limited to a single subject, such as history or economics, and he made this very clear by saying «we shall encroach upon the field of several disciplines in the pursuit of a single aim»2. -
Guyana There Will Be an Economic Transformation in Guyana in 2020
Balance Preliminar de las Economías de América Latina y el Caribe ▪ 2020 1 Guyana There will be an economic transformation in Guyana in 2020, but not to the extent previously expected. Early in the year it was forecast that Guyana would grow by 85% in 2020. However, the domestic and international effects of the coronavirus disease (COVID-19) pandemic have lowered expectations and growth is now projected at 30.9%. The first case of COVID-19 was recorded on 12 March 2020. While the disease initially spread slowly in the country, it began to accelerate in August and by the end of October there were over 4,000 confirmed cases. The government implemented a number of measures to slow the propagation of the disease. To reduce the number of international visitors, international airports were closed on 18 March and the ferry service with Suriname was halted. To enforce physical distancing, the government suspending sporting events, limited social gatherings including weddings and funerals, and closed gyms, spas, clubs and other non-essential services. As a result of the government’s support and mitigation measures in response to the pandemic, the fiscal balance showed a deficit for the first six months of the year. The slowdown in domestic economic activity caused by the pandemic also led to a fall in employment, slower inflation, and a decline in government revenue. Moreover, implementation of fiscal measures was delayed, as the result of the 2 March election was not declared until 16 June. Because of this, until the new government presented its budget, spending was constrained by domestic laws, leading to sharp drops in current revenue and capital expenditure. -
Summary Report Table of Contents Foreword by the Director-General 8 Acknowledgements 9 Overview of Registered Participants 10
Supporting Economic Diversification and Empowerment 3-5 JULY 2019 Summary Report Table of Contents Foreword by the Director-General 8 Acknowledgements 9 Overview of registered participants 10 DAY 1. 3 JULY 2019 SESSION 1: Plenary "Supporting economic diversification and empowerment". Organizer: World Trade Organization ................................................................................................................................... 12 SESSION 2: Thematic Focus Session: "Seizing opportunities for economic diversification". Organizer: World Trade Organization ................................................................................................................................... 24 SESSION 3: Thematic Focus Session "How can aid and 21st Century trade help to close the gender gap?". Organizer: World Trade Organization ................................................................................................................................... 27 SESSION 4: Side Event "Aid for digital transformation". Organizer: South Africa ........................................................... 30 SESSION 5: Side Event "Creating and Capturing value at origin: Tourism as a driver of inclusive and sustainable economic diversification". Organizers: World Tourism Organization, International Trade Centre, European Bank for Reconstruction and Development ......................................................................................................................... 33 SESSION 6: Side Event "Trade capacity building -
How Economic Transformation Happens at the Sector Level
Report How economic transformation happens at the sector level Evidence from Africa and Asia Neil Balchin, David Booth and Dirk Willem te Velde April 2019 Readers are encouraged to reproduce material for their own publications, as long as they are not being sold commercially. ODI requests due acknowledgement and a copy of the publication. For online use, we ask readers to link to the original resource on the ODI website. The views presented in this paper are those of the author(s) and do not necessarily represent the views of ODI or our partners. This work is licensed under CC BY-NC-ND 4.0. Cover photo: Neil Thomas. Acknowledgements The authors are grateful for insightful input and comments on previous iterations of this paper from members of the Gatsby Africa team, including Justin Highstead, James Foster, Neil Satchwell Smith and Ryan Bourque. We also thank Sheila Page for excellent peer review comments. 3 Contents Acknowledgements 3 Acronyms 6 Executive summary 7 1 Introduction 10 2 Success in economic transformation at sector level: A framework 12 2.1 Background 12 2.2 Three types of success factor 12 2.3 A checklist 14 3 Case studies of sectors that have successfully transformed 15 3.1 Ethiopian Airlines: Building capabilities to become Africa’s largest and most profitable airline 15 3.2 The automotive industry in South Africa: From a protected market to competitive exporter 18 3.3 Cocobod in Ghana: A pocket of efficiency 22 3.4 Indonesia’s staple food revolution: Technocratic leadership with political support 23 3.5 Garments in