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Manoj Atolia, Mr. Prakash Loungani, Milton Marquis, and Mr. Chris Papageorgiou
This paper takes a fresh look at the current theories of structural transformation and the role of private and public fundamentals in the process. It summarizes some representative past and current experiences of various countries vis-a-vis structural transformation with a focus on the roles of manufacturing, policy, and the international environment in shaping the trajectory of structural transformation. The salient aspects of the current debate on premature deindustrialization and its relation to a middle-income trap are described as they relate to the path of structural transformation. Conclusions are drawn regarding prospective future paths for structural transformation and development policies.
International Monetary Fund. External Relations Dept.

Teresa Ter-Minassian, an Italian national, has been the Director of the IMF’s Fiscal Affairs Department since January 2001. She joined the IMF’s staff in 1971 as an Economist in the Fiscal Affairs Department, returning to serve as Deputy Director in 1988. Before taking on her present position, she held various senior positions in the IMF’s former European Department and, most recently, in the Western Hemisphere Department, where she served as Deputy Director from 1997. Ter-Minassian spoke recently with the IMF Survey about the work of the department and the new directions it is pursuing in line with the evolving mandate of the IMF.

International Monetary Fund. External Relations Dept.

The IMF is weighing a new financing instrument designed to help prevent confidence crises in emerging market countries by providing a line of contingent financing. The need for a new loan instrument designed specifically with emerging market countries in mind was proposed as part of Managing Director Rodrigo de Rato’s medium-term strategy, which seeks to improve the IMF’s ability to meet the needs of its member countries in today’s globalized world.