Former World Bank Chief Economist Justin Yifu Lin at the German Development Institute / Deutsches Institut für Entwicklungspolitik (DIE) in January 2019.
Photo: ©DIE

30.01.2019

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Many developing countries could achieve more progress by making use of their comparative advantages to enter the world market, says former World Bank Chief Economist Justin Yifu Lin. Africa in particular could benefit from such an approach.

Throughout the world, several countries are still trapped in a middle- or low-income situation, having failed to enter a process of continued structural transformation, maintains former World Bank Chief Economist Justin Yifu Lin. According to Lin, successful post-war economies all feature openness, macrostability and high rates of saving and investment. And they are all market economies with what he refers to as credible and capable governments. Nevertheless, as Lin, Dean of the Institute for New Structural Economics at China’ Peking University, these characteristics are just ingredients for good growth rates. So what is the recipe for economic success stories?

Presenting his two new books “Going Beyond Aid” and “Beating the Odds” at the Bonn-based German Development Institute / Deutsches Institut für Entwicklungspolitik (DIE) in January 2019, Lin argued that traditional development aid was inadequate to support structural transformation and that developing countries had the opportunity to achieve rapid economic growth by leaping directly into the global economy, also with their agricultural and services sectors.

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