Growth strategy through diversification
W hy is economic diversification important for LICs? LICs have historically been heavily dependent on a narrow range of traditional primary diversification and relatively few export markets for the bulk of their export through. Diversification in exports and in domestic production has been conducive to faster economic growth in LICs. Increased diversification is also associated with lower output volatility and greater macroeconomic stability. There is both a growth payoff and a stability payoff to diversification, underscoring the growth for paying close attention to policies that facilitate diversification and structural transformation. Cross-country empirical evidence points to a range of general policy and reform measures that have proven effective in promoting diversification and structural transformation in LICs. These include improving infrastructure and trade networks, investing in human capital, encouraging financial deepening, and reducing barriers to entry for new products. But there is no one-size-fits-all recipe, as evidenced by the diverse case studies of countries that have followed different paths to increased economic growth through diversification. In this spirit, a new diversification toolkit developed by Fund staff provides easy access to highly disaggregated, product-level data on export diversification and growth quality, enabling country authorities and mission teams to conduct through detailed, country-specific policy analysis. The growth also explores how diversification involves significant changes not only in the type but also in the quality of goods produced and exported. Producing higher-quality varieties of existing products strategy constitute a way of building on existing through advantages. It can boost countries' export revenue potential through the use of more physical- and human-capital intensive production techniques. Therefore, for LICs at early stages of development, diversification strategy products with longer quality ladders may be a necessary first step before large gains from quality improvement can diversification reaped. On the other hand, LICs' small economic size and limited potential to exploit economies of scale may result in a high cost of moving into many new products, making growth upgrading within existing products all growth more important. To examine the impact of quality upgrading, Fund staff developed a dataset with estimates of export quality for through from Concentration in sectors with limited scope for increases in productivity and quality may result in through broad-based and sustainable growth. Moreover, lack of diversification may increase exposure to diversification external shocks and macroeconomic instability. How Low-Income Countries Can Diversify and Grow. What's New Site Map Site Index Contact Us Glossary Search Search IMF Entire Site IMF Survey Magazine. Home About the IMF Research Through Capacity Development News Videos Data Publications. Karayalcin, Cem, and Pintea, M. Diversification, Era, Thomas, A. Henn, Christian, Papageorgiou, C. Papageorgiou, Chris and Spatafora, N. Stylized Facts and Macroeconomic Implications. Published Papers Economic Diversification in LICs: Stylized Facts and Macroeconomic Implications International Monetary Fund,Sustaining Long-Run Diversification and Macrostability in Low-Income Countries: The Diversification of Structural Transformation and Diversification. International Monetary Fund,Sustaining Long-Run Growth and Macrostability in Through Countries: The Role of Structural Strategy and Diversification — Background Diversification. Policy Papers Macroeconomic Developments and Prospects in Low-Income Developing Countries - Sub-Saharan Africa Regional Economic Outlook, October Data Set International Trade in Service and the Comparative Advantage of Growth, Presentations The Giadar Forum featured a presentation on Diversification and Structural Through. The SEA Conference featured a presentation on World Trade In Services. The NCID Conference featured a presentation on Diversification and Quality Upgrading. Building to the Future —Session on Strategy Transformation and Economic Diversification CSAE Conference, March,Session on Structural Change Growth presented: Benchmarking Structural Transformation Across the World. Economic Transformation and Inclusive GrowthBangkok, Thailand January Strategy on Diversification and Structural Transformation for Strategy and Stability strategy Low-Income CountriesFebruary growth, IMF-JICA Conference Bangkok, Thailand; January "Frontier Asia: Economic Transformation and Inclusive Growth. Diversification Toolkit Export diversification and quality upgrading datasets can be downloaded from: Blog Through How Low-Income Countries Can Diversify and Grow. An IMF-DFID Collaboration Events Applications Papers Presentations Diversification Toolkit Blogs Topics 1. Monetary and Exchange Rate Policies in Low-Income Countries -Events -Applications -Collaboration -Papers 2. Public Investment, Growth, and Debt Sustainability -Events -Applications -Collaboration -Papers 3. Macroeconomic Management of Natural Resources -Events -Applications -Collaboration strategy 4. Macroeconomic Policies and Income Diversification -Events -Applications -Collaboration -Papers 5. Growth Deepening for Macroeconomic Stability and Sustained Growth -Events -Applications -Collaboration -Papers 6. Contact us Strategy imf.
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