Dimitris Kollias’ Post

World Development Report 2024 provides advice on how developing economies can stay out of the "middle-income trap," based on development experience and developments in economic analysis since the 1950s. According to report, lower-middle-income nations need to embrace successful business practices and cutting-edge technologies from abroad and integrate them into their economy, going beyond investment-driven strategies. Upper-middle-class nations must push the boundaries of technology worldwide in order to hasten the transition to innovation. This strategy is portrayed as essential to the worldwide quest for economic development. For More Information: https://lnkd.in/ehKke9G9 #WorldDevelopmentReport2024 #EconomicDevelopment #InnovationStrategy #PPPCoE

How can sustainable SME growth be accelerated in Southeast Asia (SEA) in an uncertain business environment? The environment for SMEs in SEA and across the world has changed significantly, and increased uncertainty and disruption seems likely to be here to stay in the face of demographic change, geopolitical instability, climate change, and technological innovation. Governments concerned about sustainable economic growth and human capital development need to ensure that SMEs are provided with the right type of support. This means more than just traditional small-company support schemes. We discuss here: https://lnkd.in/gTAPFyQ7 #sustainability #SMEs #economy

Learn more about the second priority of #APECPeru2024 which looks at empowering the most vulnerable through pursuing inclusive economic growth as well as innovation and digitalization to support the transition to the formal and global economy. Check it out here: https://lnkd.in/gw9m95aG

🌏 The Asia-Pacific Economic Cooperation (#APEC) is evaluating #publicinvestment in #sustainability as one of the priority issues in the meetings prior to the Leaders' Summit. Sustainability is a crucial aspect in the #development of #publicpolicies to ensure #economicstability and combat the negative effects of #climatechange. 📊During these meetings, the importance of mobilizing resources from both the public and private sectors to address the challenges related to climate change is highlighted. ♻️This is the first time that Finance Ministers of APEC member economies consider public investment in sustainability as a priority. This approach represents a significant step forward, as historically there have been difficulties in attracting resources to address sustainability issues. The willingness of public sector ministries to address this issue demonstrates a renewed commitment to sustainable development in the Asia-Pacific region. 💡In addition, APEC provides a valuable space for interaction among member economies, promoting regional economic #integration and #competitiveness. #trade #publicsector #apec2024 #sustainablebusiness #asiapacific

Persistent technology gaps are leaving Africa🌍 behind in industrialization, UN Trade and Development (UNCTAD) data shows. In 2022, 61% of manufacturing exports from developed economies consisted of medium- or high-tech products, compared to 35% in Africa. In the same year, manufacturing value added per capita in developed economies reached $5,366 (at 2015 prices) – a staggering 25 times the average of Africa ($209) and 33 times that of least developed countries ($163). This needs to change. ⬇️ https://lnkd.in/gTZsDRur

Elevation to Leaders' Level: The G20's Role in Global Economic Cooperation. The G20 was elevated to the level of Heads of State/Government following the 2007 global economic and financial crisis. By 2009, it became clear that effective crisis coordination required engagement at the highest political level. Since then, G20 Leaders have met regularly, establishing the G20 as the leading forum for international economic cooperation. Structure and Presidency The G20 operates without a permanent secretariat or staff. Instead, the Presidency rotates annually among its members, selected from different regional groupings. The 19 member countries are divided into five groups, mostly based on regional proximity, except for Group 1 (Australia, Canada, Saudi Arabia, and the United States) and Group 2 (India, Russia, South Africa, and Türkiye). The EU and AU are not part of these regional groups. Each year, a country from a different group assumes the G20 Presidency, responsible for setting the agenda in consultation with other members and responding to global economic developments. To ensure continuity, the Presidency is supported by a "troika" consisting of the current, immediate past, and next host countries. During South Africa's Presidency, the troika includes Brazil, South Africa, and the United States. Focus Areas and Working Groups. The G20 addresses a range of socio-economic issues, including agriculture, anti-corruption, climate, digital economy, education, employment, energy, environment, health, tourism, trade, and investment. The Working Groups under this track include: Agriculture Working Group Anti-corruption Working Group Culture Working Group Development Working Group Digital Economy Working Group Disaster Risk Reduction Working Group Education Working Group Employment Working Group Energy Transitions Working Group Environment and Climate Sustainability Working Group Health Working Group Tourism Working Group Trade and Investment Working Group Through these efforts, the G20 plays a crucial role in shaping global economic policies and fostering international cooperation.

#MarioDraghi's recently published 𝗘𝘂𝗿𝗼𝗽𝗲𝗮𝗻 𝗖𝗼𝗺𝗽𝗲𝘁𝗶𝘁𝗶𝘃𝗲𝗻𝗲𝘀𝘀 𝗥𝗲𝗽𝗼𝗿𝘁 outlines critical strategies for enhancing the EU's global standing, focusing on three main areas: 𝗦𝘁𝗿𝗮𝘁𝗲𝗴𝗶𝗰 𝗔𝘂𝘁𝗼𝗻𝗼𝗺𝘆, 𝗜𝗻𝗻𝗼𝘃𝗮𝘁𝗶𝗼𝗻 & 𝗣𝗿𝗼𝗱𝘂𝗰𝘁𝗶𝘃𝗶𝘁𝘆, 𝗮𝗻𝗱 𝗘𝗻𝗲𝗿𝗴𝘆 𝗘𝗳𝗳𝗶𝗰𝗶𝗲𝗻𝗰𝘆. 👨🏭 𝗦𝘁𝗿𝗮𝘁𝗲𝗴𝗶𝗰 𝗔𝘂𝘁𝗼𝗻𝗼𝗺𝘆 Draghi emphasizes the need for Europe to achieve strategic autonomy by reducing dependencies on external suppliers, particularly in critical sectors like technology and raw materials. He warns against increasing reliance on high-risk suppliers, especially in a geopolitically unstable world. The report advocates for a more unified approach to industrial policy within the EU, suggesting that fragmented strategies hinder competitiveness. Draghi calls for coordinated efforts to ensure that essential industries are not only competitive but also secure from external shocks. 🦄 𝗜𝗻𝗻𝗼𝘃𝗮𝘁𝗶𝗼𝗻 & 𝗣𝗿𝗼𝗱𝘂𝗰𝘁𝗶𝘃𝗶𝘁𝘆 The report identifies a significant innovation gap between Europe and leading economies like the US and China. Draghi argues that Europe must transition from having good ideas to effectively commercializing them. He notes that Europe has not produced a company worth over €100 billion from scratch in the last fifty years, highlighting a failure to translate innovation into impactful businesses. To address this, he recommends increasing venture capital investments in high-risk projects and enhancing support for start-ups to foster a more vibrant tech ecosystem.Moreover, Draghi insists on the importance of developing advanced technologies, particularly in artificial intelligence and clean technologies, as key areas where Europe can compete on the global stage. He proposes a significant increase in public and private investment—suggesting that EU investment should rise from around 22% to 27% of GDP—to close this gap and boost productivity across sectors. ⚡️ 𝗘𝗻𝗲𝗿𝗴𝘆 𝗘𝗳𝗳𝗶𝗰𝗶𝗲𝗻𝗰𝘆 In terms of energy efficiency, Draghi highlights the dual challenge of decarbonization and maintaining competitiveness. He acknowledges that while increased reliance on external sources like China might offer short-term benefits for meeting decarbonization goals, it poses long-term risks to Europe’s strategic interests. The report stresses the need for a robust strategy that balances environmental goals with economic security. This includes investing in clean technologies and ensuring that Europe's energy transition does not compromise its industrial base or social welfare.Overall, Draghi's report serves as a clarion call for urgent reforms in how Europe approaches its competitiveness strategy, advocating for enhanced collaboration among member states and a shift towards more proactive industrial policies to secure a prosperous future. Find this interesting? [ 𝗹𝗶𝗸𝗲 ] Anything to add? [𝗶𝗻𝘃𝗶𝘁𝗲𝗱 𝘁𝗼 𝗰𝗼𝗺𝗺𝗲𝗻𝘁] Nice story, I want more! [ 𝗙𝗼𝗹𝗹𝗼𝘄 afteruni ツ ]

🌍 𝗙𝗼𝗰𝘂𝘀 𝗳𝗼𝗿 𝘁𝗵𝗲 𝗪𝗲𝗲𝗸 𝗔𝗵𝗲𝗮𝗱: 📃 𝗔𝗦𝗘𝗔𝗡 𝗧𝗿𝗮𝗱𝗲 𝗶𝗻 𝗚𝗼𝗼𝗱𝘀 𝗔𝗴𝗿𝗲𝗲𝗺𝗲𝗻𝘁 𝗡𝗲𝗴𝗼𝘁𝗶𝗮𝘁𝗶𝗼𝗻: The ASEAN Foundation meeting aims to upgrade the Trade in Goods Agreement, fostering stronger regional cooperation and economic growth. 🍃 𝗚𝟮𝟬 𝗘𝗻𝗲𝗿𝗴𝘆 𝗧𝗿𝗮𝗻𝘀𝗶𝘁𝗶𝗼𝗻 𝗪𝗼𝗿𝗸𝗶𝗻𝗴 𝗚𝗿𝗼𝘂𝗽: The G20 Energy Transition Working Group convenes to discuss global energy sustainability initiatives, essential for shaping future policies. 📊 𝗨.𝗦. 𝗜𝗦𝗠 𝗡𝗼𝗻-𝗠𝗮𝗻𝘂𝗳𝗮𝗰𝘁𝘂𝗿𝗶𝗻𝗴 𝗣𝗠𝗜: Latest data on the overall economic condition of the U.S. services sector. #GlobalTrade #Economy #Sustainability #ASEAN #G20 #Services #Economics

Sustainable development in the Asia-Pacific involves challenges distinct to the region and our colleagues at Griffith Asia Institute have released a comprehensive report providing new insights and actionable pathways for economic prosperity. The Griffith Asia Pacific Strategic Outlook 2024 (GAPSO) report analyses challenges and presents opportunities for economic potential in the region which is projected to contribute to 60 per cent of global GDP growth in 2024. Read more here 👉 https://ow.ly/izLj50QYnnr

Africa Must Industrialize: Unlocking Its Potential Africa, with its rich resources, diverse cultures, and vibrant economies, stands at a pivotal moment in its development journey. The call for industrialization echoes across the continent, and African leaders recognize that it is not just a choice but a necessity. Here are key points from recent commitments made by African leaders: 1. Commodity-Based Industrialization Africa’s natural resources are its strength. To drive growth, create jobs, and diversify economies, African leaders emphasize commodity-based industrialization. By developing regional value chains in sectors like health and pharmaceuticals, automotive, minerals beneficiation, food, and cotton apparel, Africa can reduce external dependency and foster sustainable growth. 2. Infrastructure and Energy Investment Investments in infrastructure and energy are critical. By reducing production costs and enhancing competitiveness, Africa can attract more investments. Financial institutions and partners must collaborate to support these initiatives, ensuring that the continent’s industrialization journey is well-funded. 3. Domestic Resource Mobilization Sustainable financing is essential. African countries commit to allocating a minimum of 5% to 10% of their national budgets to industrial development. This domestic resource mobilization will fuel Africa’s industrialization drive. 4. Special Economic Zones and Industrial Parks Creating sustainable Special Economic Zones (SEZs) and Industrial Parks is a strategic move. These zones overcome existing infrastructure constraints and serve as hubs for regional value chain integration. By supporting existing SEZs and establishing new ones, Africa can accelerate industrial growth. 5. Inclusivity and Dialogue with the Private Sector Inclusive industrialization is a shared responsibility. Regular dialogues between Heads of State, Government, and private sector stakeholders are crucial. Scaling up high-level engagement ensures that industrialization benefits all citizens. Africa’s potential is immense. As President Cyril Ramaphosa rightly stated, the continent must rapidly expand and diversify its industrial capacity. By harnessing its resources, investing in infrastructure, and fostering collaboration, Africa can transform its economies and secure a brighter future for its people.