In recent decades, trade and international integration enabled a remarkable economic convergence. Several low-income countries leveraged strong export performance to rapidly industrialize and catch up with high-income countries. Despite this achievement, too many firms in developing countries remain poorly positioned to succeed in global markets. In this Policy Research Talk delivered on March 23, 2021, аIJʿª½± economist Paulo Bastos drew on evidence from several recent studies to identify key drivers of firm-level upgrading and industrial development, including entrepreneurial ability, exports, foreign ownership, training, and learning by working.
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