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22. Growth Perspective on Western Australia
- Author:
- Ricardo Hausmann, Douglas Barrios, Ana Grisanti, Semiray Kasoolu, Tim O'Brien, Eric Protzer, Rushabh Sanghvi, Nikita Taniparti, and Jorge Tapia
- Publication Date:
- 04-2021
- Content Type:
- Working Paper
- Institution:
- The John F. Kennedy School of Government at Harvard University
- Abstract:
- The Government of Western Australia (WA), acting through its Department of Primary Industries and Regional Development (DPIRD), invited the Growth Lab of the Center for International Development at Harvard University to partner with the state to better understand and address constraints to economic diversification through a collaborative applied research project. The project seeks to apply growth diagnostic and economic complexity methodologies to inform policy design in order to accelerate productive transformation, economic diversification, and more inclusive and resilient job creation across Western Australia. As its name implies, this Growth Perspective Report aims to provide a set of perspectives on the process of economic growth in WA that provide insights for policymakers toward improving growth outcomes. This Growth Perspective Report describes both the economic growth process of Western Australia — with a focus on the past two decades — and identifies several problematic issues with the way that growth has been structured. In particular, this report traces important ways in which policies applied during the boom and subsequent slowdown in growth over the last twenty years have exacerbated a number of self-reinforcing negative externalities of undiversified growth. The report analyzes three key channels through which negative externalities have manifested: labor market imbalances, pro-cyclicality of fiscal policy, and a misalignment of public goods. The report includes sections on each of these channels, which provide perspectives on the ways in which they have hampered the quality of growth and explore the reasons why problematic externalities have become self-reinforcing. In some cases, new issues have emerged in the most recent iteration of WA’s boom-slowdown cycle, but many issues have roots in the long-term growth history of WA.
- Topic:
- Development, Employment, Economic Growth, and Diversification
- Political Geography:
- Australia
23. Western Australia Research Findings and Policy Recommendations
- Author:
- Ricardo Hausmann, Douglas Barrios, Ana Grisanti, Semiray Kasoolu, Tim O'Brien, Eric Protzer, Rushabh Sanghvi, Nikita Taniparti, and Jorge Tapia
- Publication Date:
- 04-2021
- Content Type:
- Working Paper
- Institution:
- The John F. Kennedy School of Government at Harvard University
- Abstract:
- The Government of Western Australia (WA), acting through its Department of Primary Industries and Regional Development (DPIRD), invited the Growth Lab of the Center for International Development at Harvard University to partner with the state to better understand and address constraints to economic diversification through a collaborative applied research project. The project seeks to apply growth diagnostic and economic complexity methodologies to inform policy design in order to accelerate productive transformation, economic diversification, and more inclusive and resilient job creation across Western Australia. This report is organized in six sections, including this brief introduction. Section 2 is an Executive Summary. Section 3 explains the methodologies of Growth Diagnostics and Economic Complexity, including its theoretical foundations and main concepts. Section 4 describes the main findings of the Economic Complexity Report, including a characterization of Western Australia’s complexity profile. This is done at the state, regional, and city levels. Additionally, this section identifies diversification opportunities with high potential and organizes them into groupings to capture important patterns among the opportunities. This section also contextualizes the opportunities further by identifying relevant viability and attractiveness factors that complement the complexity metrics and consider local conditions. Section 5 highlights the main findings of the Growth Perspective Report. This section describes the economic growth process of Western Australia — with a focus on the past two decades — and identifies several issues with the way that growth has occurred. This section highlights three key channels through which negative externalities have manifested: labor market imbalances, pro-cyclicality of fiscal policy, and a misalignment of public goods. The section provides perspectives on the ways in which each of these channels have hampered the quality of growth and explores the deep-rooted factors that underpin these adverse dynamics. Section 6 introduces a policy framework that can be leveraged by WA to capitalize on revealed diversification opportunities and address the factors that impact the quality of the growth process of the state.
- Topic:
- Economics, Economic Growth, Diversification, and Job Creation
- Political Geography:
- Australia
24. La Riqueza Escondida de Loreto: Análisis de Complejidad Económica y Oportunidades de Diversificación Productiva
- Author:
- Ricardo Hausmann and Miguel Angel Santos
- Publication Date:
- 10-2020
- Content Type:
- Working Paper
- Institution:
- The John F. Kennedy School of Government at Harvard University
- Abstract:
- El Laboratorio de Crecimiento de la Universidad de Harvard, bajo el auspicio de la Fundación Gordon and Betty Moore, ha desarrollado esta investigación para identificar las capacidades productivas existentes en Loreto y las actividades económicas con potencial para liderar la transformación estructural de su economía. Este reporte forma parte de una investigación más amplia – Transformación estructural y restricciones limitantes a la prosperidad en Loreto, Perú – que busca aportar insumos para el desarrollo de políticas públicas a escala nacional y regional que contribuyan a promover el desarrollo productivo y la prosperidad de la región, tomando en cuenta sus características particulares.
- Topic:
- Development, Economics, Diversification, and Economic Complexity
- Political Geography:
- Central America and Mexico
25. Reset Overdue: Remaking U.S.—Saudi Relations
- Author:
- Annelle Sheline and Steven Simon
- Publication Date:
- 10-2020
- Content Type:
- Policy Brief
- Institution:
- Quincy Institute for Responsible Statecraft
- Abstract:
- • The U.S.–Saudi relationship is long overdue for a reset: The U.S. should push Saudi Arabia to engage productively with the region rather than tolerating policies that undermine stability. • Specifically, the U.S. should pressure Saudi Arabia to end the war on Yemen, end the blockade of Qatar, participate in the development of an inclusive regional security architecture, and respect the sovereignty of other countries and the human rights of Saudi citizens. • To encourage Saudi Arabia to adopt these policies, the U.S. should be prepared to support and invest in Saudi economic diversification and support the development of Saudi nuclear energy. If Saudi Arabia does not respond to these incentives, the U.S. should end all weapons sales to Saudi Arabia and seek other regional partners.
- Topic:
- Diplomacy, Human Rights, International Cooperation, Sovereignty, Political stability, Diversification, and Economic Development
- Political Geography:
- United States and Saudi Arabia
26. Coronavirus, Oil and Latin America: The Urgency of Economic Diversification and Energy Transition
- Author:
- Carlos Monge
- Publication Date:
- 08-2020
- Content Type:
- Policy Brief
- Institution:
- Natural Resource Governance Institute
- Abstract:
- Key messages: Companies are demanding temporary bailouts, requesting that governments subsidize them with breakeven prices over sale prices, and allow them to postpone tax and royalty payments and agreed investments. Such actions may be necessary to preserve jobs and ensure domestic energy supplies. Governments are considering lowering social and environmental standards, fast tracking procedures and providing long-term subsidies to support ongoing projects and to attract new investments. For an industry already facing its twilight, these actions are not justified. Governments must urgently move ahead with economic diversification and energy transitions to ensure the availability of jobs, energy and fiscal incomes that the oil industry currently provides.
- Topic:
- Energy Policy, Oil, Diversification, Renewable Energy, Coronavirus, and COVID-19
- Political Geography:
- Colombia, South America, Central America, Mexico, and Peru
27. Analysis of Economic Cooperation between Kazakhstan and South Korea
- Author:
- Yessengali Oskenbayev
- Publication Date:
- 01-2020
- Content Type:
- Policy Brief
- Institution:
- Korea Institute for International Economic Policy (KIEP)
- Abstract:
- This article investigates the potential direction of the Kazakh-Korean economic relationship. The two countries have become major partners in their economic relationship. It is important for Kazakhstan to establish economic relations with South Korea, to diversify its economy. Kazakhstan’s economy is strongly dominated by mineral resources extractive sectors, and the country’s rapid economic growth during the period from 2000 to 2007, and afterward due to oil price increases, was not well translated into substantial growth of non-extractive sectors. Kazakhstan could employ strategies applied by Korean policymakers to sustain business and entrepreneurship development.
- Topic:
- Development, Bilateral Relations, Economic Growth, Economic Policy, Diversification, Trade, and Economic Cooperation
- Political Geography:
- Central Asia, Kazakhstan, Asia, and South Korea
28. Digitalisation and its Impact on SME Finance in Sub-Saharan Africa: Reviewing the Hype and Actual Developments
- Author:
- Sabrina Disse and Christoph Sommer
- Publication Date:
- 01-2020
- Content Type:
- Special Report
- Institution:
- German Institute of Development and Sustainability (IDOS)
- Abstract:
- The vast majority of enterprises worldwide can be categorized as small and medium-sized enterprises (SMEs). They play a crucial role in providing a livelihood and income for diverse segments of the labour force, in creating new jobs, fostering valued added and economic growth. In addition, SMEs are associated with innovation, productivity enhancement as well as economic diversification and inclusiveness. However, almost half of the formal enterprises in low and middle-income countries (LMICs) are financially constrained, meaning that SMEs’ financing needs are unserved or underserved. Digitalisation is often seen as game changer that overcomes the challenges of SME finance by capitalising on the reduced transaction costs, the broader access to more and alternative data and the new customer experience shaped by convenience and simplicity. This paper aims to answer the question what the role of digital financial instruments in SME finance in Sub-Saharan Africa is. It reviews and discusses the opportunities and challenges of digital advances for SME finance in general and of three specific financing instruments, namely mobile money (including digital credits), crowdfunding (including peer-to-peer lending) and public equity. It contrasts the hype around digital finance with actual market developments and trends in Africa. Main findings indicate that even though digital advances have led to impressive growth of certain digital finance instruments, it has not triggered a remake of the financial system. Digitalisation of the financial system is less disruptive than many expected, but does gradually change the financing landscapes. Some markets have added innovative and dynamic niches shaped by digital financial services, but new digital players have in general not replaced the incumbents. Furthermore, the contributions of digital instruments to finance in general and SME finance in particular are still very limited on the African continent compared to either the portfolio of outstanding SME finance by banks or the capital raised by similar innovative instruments elsewhere in the world. Many uncertainties remain, most importantly the response of regulators and responsible authorities. They need to provide a suitable legal framework to strike a balance between the innovation and growth aspiration of the digital finance industry and the integrity and stability of markets and the financial system at large. Also regulators have to safeguard data privacy and cybersecurity and prevent illicit financial flows, bad practices around excessive data collection, intransparency and poor reporting as well as exploitation of vulnerable groups with limited financial literacy. Governments also have to address the increasing gap towards those left behind by digital finance due to issues with ownership of a digital device, mobile network coverage and the internet connection or issues of basic digital and financial literacy.
- Topic:
- Development, Science and Technology, Digital Economy, Business, Economic Growth, and Diversification
- Political Geography:
- Africa
29. Trade trends show China should take the opportunity to diversify its market
- Author:
- Dong Yan, Ma Yingying, and Xu Tingting
- Publication Date:
- 05-2019
- Content Type:
- Policy Brief
- Abstract:
- The China-US trade row has been drawing a lot of attention. A detailed review of the bilateral trade situation between China and the US from January through April is a good reference for the future trend. Also, as uncertainties loomed amid tariff hikes, some related US industries were afflicted, such as plants, minerals and precious metal in the first quarter.
- Topic:
- Markets, Tariffs, Trade Wars, Diversification, and Trade
- Political Geography:
- China, Asia, North America, and United States of America
30. Prioritizing Productivity in the Gulf Region: A Path toward Sustained Growth through Smart Diversification
- Author:
- Bart van Ark, Abdul Erumban, and Klaas de Vries
- Publication Date:
- 12-2019
- Content Type:
- Special Report
- Institution:
- The Conference Board
- Abstract:
- Economic growth in the Gulf region has been disappointing in recent years and has mostly been achieved through increases in employment, whereas labor productivity growth, measured as an increase in output per worker, has been negative across the board. A recovery of productivity in economies of the Gulf region could accelerate growth beyond the average growth performance of major emerging markets in the next decade. This requires a long-term, strategic focus on new and expanded activities based on the creation of qualitative growth sources, including innovation, digital transformation, and enhanced skills for workers.
- Topic:
- Labor Issues, Economic Growth, and Diversification
- Political Geography:
- Gulf Nations