Why least developed countries are switching to 'services-based' economies

Apr 22, 2022

The long-term development of LDCs requires addressing ongoing constraints and sustaining economic transformation. Image: Johanneke Kroesberger-Kamps/Unsplash

Brendan Vickers

Adviser and Head, International Trade Policy, Commonwealth Secretariat

Salamat Ali

International Trade Economist, The Commonwealth Secretariat

Neil Balchin

Economic Adviser - Trade Policy Analysis, The Commonwealth Secretariat

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Number of countries and % of total LDCs in each category Image: Commonwealth Secretariat (constructed using data from the World Bank World Development Indicators)

Comparing LDCs' structural transformation patterns from 2011-2019 Image: Commonwealth Secretariat (calculated using data from World Bank World Development Indicators)

Labour productivity growth is measured as the annual percentage growth rate of real GDP per employed person, three-year averages, at the beginning and the end of IPoA (excluding 2020) Image: Commonwealth Secretariat (ECI calculated using data from the Atlas of Economic Complexity, Harvard University; and labour productivity growth calculated using ILO modelled estimates)

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