Global Macro Service > Research Briefings > Africa and Middle East

Sustained growth in EMs calls for thrift and innovation

Emerging Markets (EMs) with sustained fast growth are distinguished by rapid capital accumulation – mainly domestically financed – and robust total factor productivity (TFP) growth. We find that sustained TFP growth requires a focus on innovation and R&D, especially in middle income countries (MICs). Our growth forecasts for 2019-28 show continued large variation across MICs in line with how they score on these essentials.

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