Economic growth in low income countries: How the G20 can help to raise and sustain it

L. Winters, Wonhyuk Lim (), Lucia Hanmer and Sidney Augustin
Additional contact information
Wonhyuk Lim: Center for International Development, Korea
Lucia Hanmer: Department for International Development, London
Sidney Augustin: Department for International Development, London

Working Paper Series from Department of Economics, University of Sussex Business School

Abstract: This paper aims to operationalise the G20 commitment to ensure that the benefits of global growth are shared with Low Income Countries. Growth is central to poverty reduction and the achievement of MDGs, and in developing countries it is episodic and volatile. However, while the current LICs have poor growth histories, the countries that started off the 1960s as LICs have had virtually the same average growth rates as other country groups. We review the evidence connecting long-run growth and growth accelerations and collapses to six areas of policy: trade, skills development, macro-stability, financial development, infrastructure investment and human development. Growth strategies have to be developed and owned by LIC governments and societies and they need to be tailored to individual country needs. However, there are some things which the G20 can do to help. We group these actions under three headings: mitigating downturns, boosting underlying growth rates and developing institutions and knowledge. A final annex describes how Korea’s spectacular growth strategy can be viewed through these lenses.

Keywords: growth; low income countries; G20 (search for similar items in EconPapers)
JEL-codes: O10 O11 O19 (search for similar items in EconPapers)
Date: 2010-10
New Economics Papers: this item is included in nep-dev and nep-fdg
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://www.sussex.ac.uk/economics/documents/wps8-2010-winters/pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:sus:susewp:0810

Access Statistics for this paper

More papers in Working Paper Series from Department of Economics, University of Sussex Business School Contact information at EDIRC.
Bibliographic data for series maintained by University of Sussex Business School Communications Team ().