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Economic Diversification in LICs: Stylized Facts and Macroeconomic Implications
Author:
Mr. Chris Papageorgiou
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and
Mr. Nikola Spatafora
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Series:
Staff Discussion Notes
Volume/Issue:
Volume 2012: Issue 013
Language:
English
Publication Date:
14 Dec 2012
DOI:
https://doi.org/10.5089/9781475532180.006
ISBN:
9781475532180
ISSN:
2617-6750
Pages:
22
Keywords:
SDN; diversification; diversification spurt; trade diversification; trade; Trade and real-sector diversification; quality upgrading; volatility; growth; LICs; product diversification; IMF staff calculation; diversification pattern; industry diversification; export diversification; diversification effort; Exports; Structural transformation; Manufacturing; Personal income; Sub-Saharan Africa; East Asia; Asia and Pacific
Legal-disclaimer:
Staff Discussion Notes (SDNs) showcase policy-related analysis and research being developed by IMF staff members and are published to elicit comments and to encourage debate.The views expressed in this Policy Discussion Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy.
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Limited diversification is an underlying characteristic of many low-income countries (LICs). Concentration in sectors with limited scope for increases in productivity and quality may result in less broad-based and sustainable growth. Moreover, lack of diversification may increase exposure to adverse external shocks and macroeconomic instability. The SDN will have three objectives. First, to review and extend the evidence, from the existing literature and ongoing IMF work, that points to diversification as a crucial aspect of the development process. A major focus will be on cross-country and cross-regional differences in the pace of diversification. Second, to draw lessons from the experiences of those countries that have successfully diversified their economies. Third, to analyze the relationship between diversification, growth, and volatility.
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Cover Staff Discussion Notes
Staff Discussion Notes
ISSN:
2617-6750
Publisher:
International Monetary Fund