Sustaining Long-Run Growth and Macroeconomic Stability in Low-Income Countries—The Role of Structural Transformation and Diversification

Author: International Monetary Fund

Diversification and structural transformation play important roles in influencing the macroeconomic performance of low-income countries (LICs).

Volume/Issue: Volume 2014 Issue 038

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Topics covered in this book

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Exports and Imports , Economics- Macroeconomics , Industries - Manufacturing , Agribusiness , PP , product diversification , diversification spurt , output diversification , commodity exporter , index value , product diversification pattern , export product , diversification trajectory , export products , service sector , exchange rate , diversification index , Export diversification , Exports , Agricultural sector , Structural transformation , Manufacturing , Asia and Pacific , East Asia , Africa , South Asia

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Summary

Diversification and structural transformation play important roles in influencing the macroeconomic performance of low-income countries (LICs). Increases in income per capita at early stages of development are typically accompanied by a transformation in a country’s production and export structure. This can include diversification into new products and trading partners as well as increases in the quality of existing products.