World Development Report 2020: Trading for Development in the Age of Global Value Chains

Read the Draft Report, share your views and send us an email. The final Report will be released in October.

The world is, and always has been, interconnected. But the degree of country interdependence we are witnessing now is unprecedented. Cross-national transactions are fundamentally different, both qualitatively and quantitatively, from when the last World Development Report on Industrialization and Foreign Trade was written thirty years ago. Tariff reduction and significant advances in production, communication and transportation technologies led to the emergence and expansion of GVCs.  The result was growth in global trade at twice the rate of income growth from the early 1990s until the mid-2000s. Today, production is fragmented and distributed across multiple places, and the parts produced in each place are shipped across the globe often crossing borders multiple times. 

The 2020 World Development Report will analyze the implications of the changing face of globalization for development. It will explore why global value chains (GVC) have formed in some sectors and regions, while others have been left out.  It will examine how GVCs affect growth, inequality and poverty, as well as the transmission of shocks across countries. The report will consider whether new technologies or a change in trade policies create incentives to produce closer to home, reducing the potential for countries to benefit from a finer international division of labor. Finally, it will explore how national policies can promote sustainable development in a GVC world. But because production has become fragmented across countries, national policy is unlikely to be enough. The report will also consider how international cooperation on trade and other policies can support inclusive growth in a GVC world. Read more.


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    Pinelopi Koujianou Goldberg

    Chief Economist
    Pinelopi “Penny” Koujianou Goldberg is the Chief Economist of the World Bank Group. In this position, she aims to strengthen the institution’s connection to state-of-the-art academic research and help shape a vision of how to achieve the World Bank Group’s goals of sustainable growth, shared prosperity, and a world free of extreme poverty. Goldberg brings decades of experience as an applied microeconomist drawn to policy-relevant questions in trade and development. She has exploited a broad set of methodological approaches -- ranging from estimation of structural industry equilibrium models typical of the Industrial Organization literature to reduced form techniques -- to provide insights into such diverse topics as the determinants and effects of trade policies, trade and inequality, intellectual property rights protection in developing countries, exchange rate passthrough, pricing to market, and international price discrimination. She is President-Elect of the Econometric Society (for 2021) and has previously served as Vice President of the American Economic Association. From 2011-2017 she was Editor-in-Chief of the American Economic Review. She is a member of both the National Academy of Sciences and the American Academy of Arts and Sciences, a recipient of both Guggenheim Memorial Foundation and Sloan Research Fellowships, and recipient of the Bodossaki Prize in Social Sciences. She is also a research associate at the National Bureau of Economics Research (NBER, currently on leave) and board member of the Bureau of Research and Economic Analysis of Development (BREAD). Goldberg is on public service leave from Yale University, where she is the Elihu Professor of Economics. She holds a Ph.D in Economics from Stanford University and a Diplom in Economics from the University of Freiburg, Germany.
  • Pol Antras

    Pol Antràs

    Co-Director of the WDR 2020
    Pol Antràs is co-Director of the World Development Report 2020. He is the Robert G. Ory Professor of Economics at Harvard University, where he has taught since 2003. He is also a Research Associate at the National Bureau of Economic Research (NBER), where he served as Director of the International Trade and Organization (ITO) Working Group. Since 2015, he has served as Editor of the Quarterly Journal of Economics, having previously been on the editorial board of several leading journals. Among other distinctions, he was awarded an Alfred P. Sloan Research Fellowship in 2007 and the Fundación Banco Herrero Prize in 2009, and he was elected Fellow of the Econometric Society in 2015. Pol’s research is primarily focused on international trade and multinational activity. His most recent work is focused on the analysis of global value chains and on the interplay between trade, inequality and costly redistribution. A citizen of Spain, Pol received his BA and MSc in Economics from Universitat Pompeu Fabra in Barcelona, and his PhD in Economics from the Massachusetts Institute of Technology in 2003.
  • Caroline Freund

    Caroline Freund

    Co-Director of the WDR 2020
    Caroline Freund is Director of Trade, Regional Integration and Investment Climate. Previously she was a Senior Fellow at the Peterson Institute for International Economics. She has also worked as Chief Economist for the Middle East and North Africa at the World Bank, after working for nearly a decade in the international trade unit of the research department. Freund began her career in the international finance division of the Federal Reserve Board and spent a year visiting the research department of the IMF. She has published extensively in academic journals and is the author of Rich People Poor Countries: The Rise of Emerging Market Tycoons and their Mega Firms. She is a US national and received a PhD in economics from Columbia University.
  • Aaditya Mattoo

    Aaditya Mattoo

    Co-Director of the WDR 2020
    Aaditya Mattoo is Research Manager, Trade and Integration, at the World Bank. He specializes in trade policy and international trade agreements, and provides policy advice to governments. Prior to joining the Bank in 1999, Mr. Mattoo was Economic Counsellor at the World Trade Organization. Between 1988 and 1991, he taught economics at the University of Sussex and Churchill College, Cambridge University. He holds a Ph.D. in Economics from the University of Cambridge, and an M.Phil in Economics from the University of Oxford. He has published widely on trade, trade in services, development and the WTO in academic and other journals and his work has been cited extensively, including in the Economist, Financial Times, New York Times, and Time Magazine.
  • Daria Taglioni

    Daria Taglioni

    Team-task Leader of the WDR2020
    Daria Taglioni is the Task Team Leader for the World Development Report 2020. She has been with the World Bank Group since 2011, covering issues of international trade and countries’ trade competitiveness. Her career started with the Organisation for Economic Cooperation and Development in Paris and she also worked at the European Central Bank for several years. She has published extensively in peer-reviewed journals and her work has been cited in the New York Times and Forbes. She is the author of “Making Global Value Chains Work for Development” (with Deborah Winkler), “Inclusive Global Value Chains” (with Ana Paula Cusolito and Raed Safadi), “Vietnam at a Crossroads: Engaging in the Next Generation of Global Value Chains” (with Claire Hollweg and Tanya Smith), and “Valuing Services in Trade” (with Sebastian Saez, Erik van der Marel, Claire Hollweg, and Veronika Zavaka). She is Italian and holds a PhD in International Economics from the Graduate Institute, Geneva.
  • Erhan Artuc

    Erhan Artuc

    Senior Economist
    Erhan Artuc is a Senior Economist at the World Bank's Development Research Group. His most recent research focuses on international trade, migration, technology and their effects on jobs, labor market outcomes and development. He has worked on analytical World Bank projects and policy research about trade and labor markets in Argentina, Brazil, China, Croatia, India, Kenya, Liberia, Mexico, Morocco, Russia, Sri Lanka, and Syria; and has contributed to regional flagship reports. His work is published in leading academic research journals such as American Economic Review, Journal of International Economics, Economic Journal and Journal of Development Economics. Prior to joining the World Bank in 2011, he was a faculty member at Koç University in Istanbul, Turkey. He received his undergraduate degree from Bilkent University and Ph.D. in economics from University of Virginia.
  • Paulo Bastos

    Paulo Bastos

    Senior Economist
    Paulo Bastos is a Senior Economist with the Development Research Group of the World Bank in the Trade and International Integration Unit (DECTI). His research interests include the drivers of firm performance in export markets, links between globalization and technological change, and the distributional impacts of trade and FDI. His recent research exploits big data to address these topics. He has published in scholarly journals such as the American Economic Review, Journal of International Economics, Journal of Development Economics, Journal of Industrial Economics and International Journal of Industrial Organization. Prior to joining the World Bank, he held positions at the Research Department of the Inter-American Development Bank, the European Commission and the University of Nottingham. He holds a Ph.D. in Economics from the University of Nottingham and a B.A. in Economics from the University of Porto.
  • Davida Connon

    Davida Connon

    Private Sector Development Specialist
    Davida Connon is a Private Sector Development Specialist in the Office of the World Bank Chief Economist. A trade lawyer by training, Davida joined the World Bank in 2014, leading the trade team within the Enabling the Business of Agriculture project and studying agricultural market access in over 60 countries around the world. She was also involved in an in-depth assessment of market structures and regulatory and institutional frameworks in the Southern Caucasus countries, exploring opportunities for agribusiness development. Most recently, Davida was a Principal Author for the 2019 World Development Report, covering the impacts of digital technologies and automation on labor markets and firm boundaries, as well as regulatory challenges posed in the areas of competition and taxation policy. Prior to joining the World Bank, Davida was an international trade attorney with prominent global law firms in Geneva and Washington, DC, and completed internships at the World Trade Organization and the European Commission. She completed her Bachelor of Laws (LL.B.) at the University of Glasgow and her Masters (LL.M.) at Harvard University.
  • Ana Margarida Fernandes

    Ana Margarida Fernandes

    Senior Economist
    Ana Margarida Fernandes is a senior economist in the Trade and International Integration Unit of the Development Research Group at the World Bank. She joined the World Bank as a Young Economist in 2002 and her research interests include the consequences of openness to trade and FDI for firm-level outcomes such as productivity, innovation, and quality upgrading and more broadly the determinants of firm performance. She has also worked on professional services in Africa. Recently her work has been focusing on the impact evaluation of trade-related policy interventions such as export promotion and customs reforms. Since 2011 she has been managing the Exporter Dynamics Database project and working on the link between exporter growth and dynamics, development and policies. Her research has been published in the Review of Economics and Statistics, the Journal of International Economics, the Journal of Development Economics, the World Bank Economic Review, among other scholarly publications. Ana holds a B.A. from Universidade Nova de Lisboa, Portugal and an M.A. and a Ph.D. in Economics from Yale University.
  • Francois de Soyres

    François de Soyres

    François de Soyres is an Economist at the World Bank, currently working in the Chief Economist Office, Middle East and North Africa region. Before this position, he was with the Macroeconomics, Trade and Investment global practice and worked on issues related to international trade and macroeconomics with an emphasis on Regional Integration. François has written research and policy papers on the consequences of Global Value Chain participation, exploring different macroeconomic aspects such as the transmission of shocks and synchronization of business cycles across countries, the sensitivity of exports to devaluations or the global impact of regional trade agreements. He has also worked extensively on the consequences of the Belt and Road Initiative and the systemic impact of transport infrastructure investments for the reallocation of comparative advantage across countries. Before joining the World Bank, he worked at the European Central Bank and held several visiting positions in the United States Federal Reserve System. He holds a PhD in economics from the Toulouse School of Economics and two Masters of Engineering from Columbia University and Ecole Centrale Paris.
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    Thomas Farole

    Lead Economist
    Thomas Farole is a lead economist in the World Bank’s Social Protection and Jobs Global Practice, where he works on the intersection between jobs and productivity, trade, and private sector development. Prior to joining the Jobs Group, he was a senior economist in the Trade & Competitiveness Global Practice and country economist for Botswana. He is the author of several books since joining the Bank, including: Special Economic Zones in Africa; Making Foreign Direct Investment Work for Sub-Saharan Africa (with Deborah Winkler); Special Economic Zones: Progress, Challenges, and Future Directions (with Gokhan Akinci); and The Internal Geography of Trade: Lagging Regions and Global Markets. His recent articles have appeared in IZA World of Labor, The Journal of Economic Geography, and World Development. Tom holds a PhD in Economic Geography from the London School of Economics and Political Science (LSE), an MSc in Local Economic Development from the LSE, and a BSc in Economics from the Wharton School of the University of Pennsylvania.
  • Michael Ferrantino

    Michael J. Ferrantino

    Lead Economist
    Michael J. Ferrantino is Lead Economist for Trade Policy in the Macroeconomics, Trade, and Investment Global Practice at the World Bank. Prior to joining the Bank, he was Lead International Economist at the U.S. International Trade Commission, where he served from 1994 to 2013. Michael's published research spans a wide array of topics relating to international trade, including non-tariff measures and trade facilitation, global value chains, the relationship of trade to the environment, innovation, and productivity, and U.S.-China trade. He has taught at Southern Methodist, Youngstown State, Georgetown, American, and George Washington Universities, and partnered on research projects with APEC, OECD, WTO, and the World Economic Forum. He holds a BA from Northwestern University and a Ph.D. from Yale University.
  • Bernard Hokeman

    Bernard Hoekman

    Professor and Director
    Bernard Hoekman is Professor and Director, Global Economics at the Robert Schuman Centre for Advanced Studies, European University Institute in Florence, Italy where he also serves as the Dean for International Relations. He is a CEPR Research Fellow, where he co-directs the Trade Policy Research Network; a senior associate of the Economic Research Forum for the Arab countries, Iran and Turkey; and a member of the World Economic Forum Global Future Council on International Trade and Investment. Previous positions include research and management positions in the World Bank and the GATT Secretariat. A graduate of the Erasmus University Rotterdam, he holds a Ph.D. in economics from the University of Michigan. He has published widely on trade and development policy, trade in services, international regulatory cooperation and the multilateral trading system.
  • Claire H. Hollweg

    Claire H. Hollweg

    Senior Economist
    Claire H. Hollweg is a Senior Economist with the Trade and Regional Integration Unit of the Macroeconomics, Trade, and Investment Global Practice at the World Bank. She joined the World Bank in 2011. Her research interests include development economics, with a focus on the nexus between trade, labor markets, servicification of manufacturing, and upgrading in global value chains. She received her PhD and MA in economics from the University of Adelaide. Before studying economics, she worked as a Journalist in newspaper and radio, and she holds a BS in journalism from the University of Colorado at Boulder. She also has worked with the government of South Australia and the Pacific Economic Cooperation Council in Singapore.
  • Melise-Jaud

    Melise Jaud

    Senior Economist
    Senior Economist on the team for the 2020 World Development Report. Her research primarily covers international trade, in particular the determinants and impacts of firms' export dynamics and growth, the impact of trade policy on competition, but also food safety issues in trade, and policy reforms in developing and transition countries. Melise joined the World Bank as a Young Professional in 2010. In September 2018 she returned from a three-year sabbatical during which she took a research and teaching position at the University of Lausanne. Melise previously worked in the Chief Economist Office of the Middle East and North Africa region where she led work on trade as well as on the political economy of growth. Prior to joining the World Bank, Melise worked as an economic advisor to the Ministry of Agriculture in Mozambique. She received her PhD from the Paris School of Economics.
  • Hiau Looi Kee

    Hiau Looi Kee

    Senior Economist
    Hiau Looi Kee is a Senior Economist with the Trade Team of the World Bank Research Department. Her research focuses on trade, productivity and growth at the firm and aggregate level. Her current projects include studying the domestic value-added in exports, shared-supplier spillovers of FDI, rules of origin and firm productivity in Bangladesh's garment sector and large scale estimations of import demand elasticities, ad valorem equivalent of non-tariff measures, and trade restrictiveness indexes. Her work has been published in many general interests economics journals and the top field journals. She has a Ph.D. in economics from the University of California at Davis.
  • Consuelo Jurado Tan

    Consuelo Jurado Tan

    Program Assistant
    Consuelo Tan is Program Assistant for the WDR 2019. She directly supports the Co-Directors of the WDR 2019 and provides logistical support to the entire team. She was formerly an Executive Assistant at the IFC, supporting the office of the EVP and Managing Director from 1999-2005. She has also worked as a Program Analyst for the IFC’s Access to Finance unit.
  • Bob Rijkers

    Bob Rijkers

    Senior Economist
    Bob Rijkers is a senior economist in the Trade and International Integration Unit of the Development Research Group. He is interested in political economy, trade and labor market issues. He holds a BA in Science and Social Sciences from University College Utrecht, Utrecht University and an M.Phil. and D.Phil. in Economics from the University of Oxford.
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    Michele Ruta

    Lead Economist
    Michele Ruta is Lead Economist in the Macroeconomics, Trade & Investment Global Practice of the World Bank Group, where he leads the work program on regional integration. He had previous appointments as Economic Advisor to the Senior Director of the Trade & Competitiveness Global Practice, Senior Economist at the IMF, Counsellor at the WTO and Marie Curie Fellow at the European University Institute. His research interests are in international economics, and particularly on issues concerning international/regional integration. Ruta has published in refereed journals such as the Journal of International Economics, Journal of Public Economics, and the Journal of the European Economic Association. He was a lead author of the World Trade Report of the WTO (2008–2013), and contributed to many policy reports, including the Global Economic Prospects of the World Bank, and the World Economic Outlook of the IMF. Ruta Holds a PhD in Economics from Columbia University.
  • Deborah Winkler

    Deborah Winkler

    Senior Consultant
    Deborah Winkler is a Senior Consultant in the World Bank Group’s Macroeconomics, Trade and Investment Global Practice. Deborah has worked on issues of global value chains, export competitiveness, foreign direct investment, trade in services, offshoring, and their welfare and distributional effects. She is the author of Making Global Value Chains Work for Development (with Daria Taglioni), Outsourcing Economics (with William Milberg) and Services Offshoring and Its Impact on the Labor Market. Ms. Winkler is the editor of Making Foreign Direct Investment Work for Sub-Saharan Africa (with Thomas Farole). Her articles have appeared in World Development, Journal of Economic Geography, and World Economy, among others, as well as edited volumes by the World Bank Group, CEPR, ILO and WTO, and Oxford Handbook Series. She is a former Research Associate of the New School for Social Research and received her PhD in economics from the University of Hohenheim in Germany.


  • Special contributions: Christopher Barrett, Tania Priscilla Begazo Gomez, Jieun Choi, Jessie Coleman, Jan de Locker, Roberto Echandi, Emiko Fukase, Leonardo Iacovone, Kåre Johard, Arik Levinson, Maryla Maliszewska, Michele Mancini, Antonio Nucifora, Tom Reardon, Nadia Rocha, Abhishek Saurav, Kateryna Schroeder, Marijn Verhoven, Michael D. Wong, and Douglas Zhihua Zeng.
  • Other contributions: Emma Aisbett, Sebastian Franco Bedoya, Benoit Blarel, Vicky Chemutai, Ileana Cristina Constantinescu, Jakob Engel, Dominik Englert, Marianne Fay, Pepita Miquel Florensa, Alexandre Gaillard, Stephan Hallegatte, Dirk Heine, Nicolas Gomez-Parra, Etienne Raffi Kechichian, Madina Kukenova, Somik Lall, Chiara Liardi, Rocco Macciavello, Julien Maire, Alen Mulabdic, Mitali Nikore, Carlo Pietrobelli, Xiomara Pulido Ramirez, Juan Miguel Jimenez Riveros, Alejandro Forero Rojas, Kirstin Ingrid Roster, Gianluca Santoni, Guillaume Sublet, Michael A. Toman, Nicolas Santos Villagran, World Bank Digital Data for Development.

As the Report team conducts the necessary analysis and prepares the Report, they will be engaging with civil society organizations, international organizations, academia, and other external stakeholders to seek feedback on the Report’s main themes and policy messages. As they take place, consultations will be listed below and the team welcomes invitations or suggestions regarding additional engagements—please let us know by email

World Bank Chief Economist Penny Goldberg has also called for written comments on the Concept Note. Please join in the conversation and submit public comments via Penny’s blog before March 31, 2019.


  • Emerging technologies, e-commerce and GVCs. (May 13, 2019, Iquique, Chile)
  • APEC Senior Officials Meetings. (May 7–10, 2019, Viña Del Mar, Chile)
  • Better Understanding GVCs in the APEC Region (Chile, May 7–9, 2019)
  • Agence Française de Développement and International Labor Organization (planned, Paris, May 2019)
  • Spring Meetings Civil Society Policy Forum  (Washington, DC, April 11,2019)
    Global Value Chains and Sustainable Development panel organized by International Trade Union Confederation (ITUC). Moderated by Leo Baunach, Director Washington office ITUC and Global Unions. Aaditya Mattoo, Director WDR2020, and Claire Hollweg, Senior Economist, presented the report. Panellists: Sarah Gammage, Director of Gender, Economic Empowerment and Livelihoods, International Center for Research on Women (ICRW), Brian Finnegan, Global Worker Rights Coordinator, American Federation of Labor and Congress of Industrial Organizations (AFL-CIO), and Soren Ambrose, Policy Advisor – Fiscal Justice, ActionAid International.
  • Spring Meetings Civil Society Policy Forum (Washington, DC, April 10, 2019)
    Speakers: Daria Taglioni, WDR2020 team leader, gave an overview of the report. Will Martin, Senior Research Fellow, International Food Policy Research Institute, highlighted convergence between countries participating in GVCs. Nigel Sizer, Chief Program Officer, Rainforest Alliance, highlighted inequality within GVCs associated with rubber and bananas and reflected on voluntary codes, certification programs, and a soon-to-be-launched Accountability Framework   
  • Spring Meetings. Meeting with Izumi Ohno, Director, JICA.  KCP Annual Meeting. Nordic-Baltic Constituency Forum. Ambassador Raymund Furrer, Head of Economic Cooperation and Development, SECO.
  • Royal Economic Society Conference at the University of Warwick (planned, United Kingdom, April 2019)
  • Central Bank of Poland (planned, Warsaw, April 2019)
  • China Development Forum, (March 23, 2019, Beijing) 
  • Presentations to government officials, private sector and academia (March 11–12, 2019, Istanbul and Ankara, Turkey)
  • Center for the Study of African Economies, University of Oxford (planned, Oxford UK, March 2019)
  • Agence Française de Développement, (Paris, January 2019; Washington DC, March 2019)
  • UN Statistical Committee (New York, March 2019)
  • 8th Global Economic Summit, World Trade Centre (Mumbai, March 2019)
  • Japan International Cooperation Agency (Washington DC, February 2019)
  • European Commission, (Brussels, January 2019)
  • German Federal Ministry for Economic Cooperation and Development (BMZ) and the German Corporation for International Cooperation GmbH (GIZ) (including representatives from the German Federal Ministry for Economic Affairs and Energy, German Institute for Human Rights, BASF, DHL, European Central Bank, European University Viadrina, Forum Nachhaltige Entwicklung der Deutschen Wirtschaft, International Trade Center, IOTA Foundation, Kiel Centre for Globalization, Technische Universität Berlin, TH Nürnberg, , TradeLens, United Nations Association of Germany, United Nations Industrial Development Organization (UNIDO), University of Groningen, World Economic Forum, and World Trade Organization, among others) (Berlin, January 2019)
  • Organisation for Economic Co-operation and Development (OECD) (Trade Directorate, Directorate for Science, Technology and Innovation) (Paris, January 2019)
  • Swedish Ministry for Foreign Affairs (Department for International Trade Policy and EU Single Market) (Stockholm, January 2019)
  • Swedish National Board of Trade (Stockholm, January 2019)
  • Stockholm Institute of Transition Economies (SITE), Stockholm School of Economics (Stockholm, January 2019)
  • Swedish International Development Cooperation Agency (Stockholm, January 2019)

Have a question, input, or an idea? Send us an e-mail!

World Development Report 2020