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THE IMPORTANCE OF MANUFACTURING IN ECONOMIC DEVELOPMENT: HAS THIS CHANGED?
Abstract
Manufacturing has traditionally played a key role in the economic growth of developing countries. It has been argued in recent years that the importance of manufacturing has diminished over the last 20-25 years, resulting in premature deindustrialization or nonindustrialization in developing countries. This study explores whether the low levels of industrialization in developing countries are attributable to long-term changes in the development characteristics of manufacturing or to the manufacturing sector’s general global prospects. The study’s findings indicate that the decline in both manufacturing value added and manufacturing employment shares in many developing countries has not been caused by changes in the manufacturing sector’s development potential, but is primarily caused by the failures of manufacturing development in a large number of developing countries against the backdrop of rapid manufacturing development in a small number of countries, thus resulting in a concentration of manufacturing activities in developing countries.
Keywords: Manufacturing, Structural Change, Economic Development, Concentration.