Spence, Michael, (2016), “Growth in a Time of Disruption”, Project Syndicate, 27 July
Developing countries are facing major obstacles – many of which they have little to no control over – to achieving sustained high growth. Beyond the headwinds generated by slow advanced-economy growth and abnormal post-crisis monetary and financial conditions, there are the disruptive impacts of digital technology, which are set to erode developing economies’ comparative advantage in labor-intensive manufacturing activities. With the reversal of these trends out of the question, adaptation is the only option.
Relevant Posts
- Forni, Lorenzo, Palomba, Geremia, Pereira, Joana, Richmond, Christine J., (2016), “Sovereign Debt Restructuring and Growth”, IMF Publications, Working Paper No. 16/147, 22 July
- Acemoglu, Daron, Restrepo, Pascual, (2016), “The race between machines and humans: Implications for growth, factor shares and jobs”, Voxeu, 5 July