Global Economic Prospects 2008: Technology Diffusion in the by World Bank

By World Bank

Know-how and technological development are critical to fiscal and social health. The production and diffusion of products and companies are severe drivers of monetary progress, emerging earning, social and scientific development. worldwide financial customers 2008: expertise Diffusion within the constructing global examines the country of know-how in constructing nations and the speed with which it has complex because the early Nineteen Nineties. It finds either encouraging and cautionary traits. at the one hand, the speed of technological growth in constructing international locations has been a lot swifter than in high-income nations reflecting elevated publicity to overseas know-how due to linkages with high-skilled Diasporas and the hole of those nations to foreign alternate and international direct funding. nevertheless, the expertise hole is still huge, and the family components that ascertain how speedy applied sciences unfold inside constructing nations frequently stymie growth, specially between low-income international locations. Repeating the fast development of this previous decade may be tough and should require that uncomplicated know-how literacy is more advantageous additional; that executive efforts to conform and disseminate pre-existing applied sciences in the course of the economic system are bolstered; and that regulatory regimes are converted to inspire enterprise innovation. This 12 months s international financial customers comes at the heels of a longer interval of sturdy development and a 15-year interval of sturdy functionality in a lot of the constructing international, which has contributed to giant declines in international poverty. whereas excessive oil costs and heightened marketplace volatility could sign a coming pause during this technique, over the long run endured technological development should still proceed to beat back poverty. the worldwide financial customers presents crucial info for these involved in advancements shaping contemporary international financial system.

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3 percent in 2007. Tighter monetary policy and the economy’s absorption of the direct effects of the removal of energy subsidies in 2006 have nearly halved inflation, from 13 percent in 2006 to 7 percent in 2007. Growth is expected to remain in the 6 percent range. Growth in Malaysia and the Philippines appears to have picked up as well, coming in at near 6 percent or better, reflecting a relaxation of monetary policies and improved external demand for electronics. Growth in Thailand has been more subdued during 2007, at a little over 4 percent, tied in part to political unrest, as well as a lagging response to the high-tech revival.

P R O S P E C T S Improved macroeconomic stability is also playing an important role in sustaining growth, as is a pickup in both domestic and foreign investment. Debt relief in recent years has freed budgetary resources for spending on infrastructure and social programs. A common trait across economies is a notable pickup in capital spending focused on the transport, telecommunications, and construction sectors. In addition, recovery from drought in many areas of the region is translating into improved performance in agriculture, adding impetus to growth, while the income effects stemming from several years of high non-oil commodity prices are stimulating private consumption.

More prudent macroeconomic management and technological progress (see chapters 2 and 3) have contributed to an increase in total factor productivity (TFP) and real income growth over the past 15 years. 4 percent in the following decade. These projections imply per capita income growth that is more than twice as fast as that in high-income countries. 2 billion in 1990 and 970 million in 2004 to 624 million by 2015. Such aggregate outcomes are not guaranteed, however, and performance across individual countries is likely to be diverse.

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