Commodity dependence, productivity and structural change
- Author: United Nations Conference on Trade and Development
- Main Title: Commodities and Development Report 2021 , pp 25-45
- Publication Date: August 2021
- DOI: https://doi.org/10.18356/9789214030461c007
- Language: English
The connections between commodity dependence, labour productivity trends and structural change in commodity dependent developing countries are analysed in this chapter. Improvements in labour productivity are a key source of economic growth and thus closely linked to the overall development process in low-income and middle-income countries. In particular, labour productivity growth can be a long-term driver of increased real wages and improved living standards in developing countries. The importance of labour productivity growth in the development process is reflected in the inclusion of a related indicator under Millennium Development Goal 1 on eradicating extreme poverty and hunger and in its inclusion in the Sustainable Development Goals framework: target 8.2 aims to “achieve higher levels of economic productivity through diversification, technological upgrading and innovation, including through a focus on high value added and labour-intensive sectors” and indicator 8.2.1 is the annual growth rate of real GDP per employed person, as noted in resolution 71/313 of the General Assembly. Diversification and technological development play crucial roles in labour productivity growth.
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