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, World Bank 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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