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.
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