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Norman Loayza, J. Humberto Lopez, and Mr. Angel J. Ubide

This paper analyzes common economic patterns across countries and economic sectors in Latin America, East Asia, and Europe for the period 1970-94 by means of an error-components model that decomposes real value-added growth in each country into common international effects, sector-specific effects, and country-specific effects. We find significant comovements in the European and East Asian samples. In the Latin American sample, however, we find country-specific components to be more important than common patterns. These results are robust to different sub-sample time spans and different sub-sample country groups.

International Monetary Fund. External Relations Dept.

Over the next 25 years, vast numbers of workers in the developing countries will need to find jobs outside agriculture, which is now their main source of employment. Although many of these countries are developing a viable and growing industrial sector, employment in industry has not expanded correspondingly. This article examines why this has happened and discusses the Bank’s attempts to increase employment opportunities by encouraging the development of small local enterprises, as part of its program to reach the absolute poor.