The report Perspectives on Global Development 2019 – Rethinking development strategies was published by the Organisation for Economic Co-operation and Development (OECD) in late November 2018. The authors point out that sustainable development demands a broader vision as development strategies need to respond to new trends and challenges. According to them, economic growth does not necessarily go coupled with well-being.
The first industrialised countries increased their populations’ well-being with rates of economic growth lower than those experienced by emerging economies: many of the latter are struggling to convert faster Gross Domestic Product (GDP) growth into substantive and lasting well-being improvements for their citizens. Therefore, while economic growth is a crucial tool for development strategies, these strategies must more deliberately target economic, social and environmental dimensions.
Since the 1990s, large developing countries have continuously re-drawn the map of global economic relations in terms of trade, finance and migration, challenging long-standing notions of development. This major transformation has been buoyed by large emerging economies such as China, India, Indonesia, Russia and Brazil, growing faster than the OECD average and creating a ripple effect on other developing countries.
The authors point out that developing economies have to find innovative solutions in the face of challenges that did not exist for previously industrialising countries. For example, despite efforts to focus on social inclusiveness and environmental sustainability, few national development plans today are responding to the emergence of new global rules, increasing interdependence among countries, unprecedented population booms, the high mobility of people or fast technological change. While continuing to innovate strategies, it is necessary to consider multidimensionality of development, the authors say. According to them, development strategies have historically proven to be most effective when they are multisectoral, participatory, location-specific and embedded in a multilateral framework.
More information: http://www.oecd.org/dev/perspectives-on-global-development-22224475.htm