Global Value Chains Can Help Developing Countries in Better Growth Outcomes
In an era of slowing trade and growth, developing countries can achieve better outcomes for its people through reforms to boost their participation in global value chains, according to a latest World Bank report.
In the report titled “World Development Report 2020: Trading for Development in the Age of Global Value Chains” that was released on Tuesday, the bank argues that these reforms can help developing countries expand from commodity exports to basic manufacturing, while ensuring that economic benefits are shared more widely across society.
“Global value chains have played an important part in the growth, by enabling firms in developing countries to make significant gains in productivity, and by helping them transition from commodity exports to basic manufacturing,” World Bank Group Chief Economist Pinelopi Koujianou Goldberg said.
Photo courtesy of Joey Kyber.