All countries will eventually need to rebuild their growth models around digital technologies and the human capital that supports their deployment and expansion.
Michael SpenceRead
Developing economies may not have much control over the headwinds that they face today, but that does not mean that they are powerless. Much can be done not just to sustain moderate growth but also to secure a more prosperous and resilient future.
Interpretation
What this quote means
Developing economies have challenges but can take significant actions towards growth and prosperity.
This quote by Michael Spence emphasizes that while developing economies encounter various external challenges or 'headwinds', they still possess the ability to take control of their economic futures. It suggests that through strategic actions and policies, these economies can not only maintain growth but also work towards creating a more robust and sustainable future.
Themes
EconomyGrowthProsperityFutureDevelopment
In practice
Example use cases
This quote can be used in a speech about economic policy at a conference for developing nations.
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Reforms aimed at increasing an economy's flexibility are always hard - and even more so at a time of weak growth - because they require eliminating protections for vested interests in the short term for the sake of greater long-term prosperity.
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