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Structural transformation and trade policy: Case of Nepal

image of Structural transformation and trade policy: Case of Nepal

High and sustained economic growth entails structural transformation. This involves the shift of productive factors from low-productivity and low-wage activities to high-productivity and high-wage activities. The aim is to move the output structure into higher-productivity activities, and production of more complex and sophisticated products. In the past, structural transformation was generally seen as a consequence of growth and development. However, recent advance in literature has produced powerful analysis methods for appreciating the role of structural transformation in inducing growth and development. It also provides evidence that product potential varies in effecting structural transformation. In particular, what a country exports now influences the type of goods it will export in future, thus influencing its future economic growth rate. In this context, the literature suggests that governments may have a more direct and important role to play, particularly in economies with low economic complexity.

Related Subject(s): Economic and Social Development
Sustainable Development Goals:
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