Without growth in manufacturing there is only 5% probability of reaching high income status. This is a key message from the latest report by the Asian Development Bank. The report provides compelling statistics arguing that Developing Nations cannot take a shortcut to high-income status. The pathway to prosperity requires heavy investment in growing a vibrant manufacturing base.
“Historically, no economy has reached high income status without reaching at least 18% share of manufacturing in output and employment for a sustained period,” said Changyong Rhee, ADB’s Chief Economist.
There is encouragement for India and other economies that have bypassed industrialization or are experiencing transition from agriculture into low-quality services, to develop a deeper and broader industrial base.
Click on the link to view the report by ADB. http://buff.ly/16ThUrm
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