This is broadly acknowledged. But there’s more. It is growth through expanding the technical capabilities of people and institutions. It is growth through upgrading the technologies that people use on farms, in firms, and at government offices. It is growth through becoming internationally competitive and active participants in global value chains. And it is growth through spreading prosperity by supporting productive work and boosting consumption.
Thus it is that a transforming economy—more than just a growing economy—can weather the ups and downs of global product and service markets, the alternating liquidity and illiquidity of local and global financial markets, and the vicissitudes of commodity and construction booms. Thus it is that a Ghana can become a South Korea, a Senegal a Thailand, and a Kenya a Malaysia.
Growth + DEPTH