Diversification
Structural transformationStructural transformation or change can be broadly defined as the reallocation of economic activity across three broad sectors, agriculture, manufacturing and services, which accompanies the process of economic growth -—
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—-. It usually refers to the transfer or shift of production factors — especially labour, capital and land — away from activities and sectors with low productivity to those with higher productivity, which are typically different in location, organization and technology -—
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—-. enhances productivity and incomes while fostering diversification of production, thereby mitigating vulnerabilities to market shocks. The Bridgetown Covenant -—
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—- identifies “transforming the economies through diversification” as a critical element for inclusive prosperity. Access to requisite technologies, particularly in an increasingly digitalized landscape, is vital for successful structural transformation. The Covenant emphasizes that industrialization must align with sustainability and inclusivity to realize the goals of the 2030 Agenda while ensuring equitable distribution of its benefits.
The following sections discuss these themes based on an analysis of SDGSustainable Development Goal indicators and other official statistics:
- Structural transformation to mitigate persistent technology gap
- Disruptions persist in maritime transport, challenging its resilience
- Digital technologies are key to economic diversification
- Productive capacities analysis key to reducing vulnerabilities in graduating LDCs
No developing economy invested more than
2.5% of GDP in R&D, in 2021.
Gulf of Aden ship tonnage drops by 73%; Cape of Good Hope traffic soars by 64% in just 3 months by March 2024.
World population covered by mobile networks: 90% by 4G and 38% by 5G.
PCI reveals: stalled structural transformation in LDCs up for graduation.
References
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