Jobs, Industrialization, and Globalization

After many decades of expansion, incomes and standards of living have never been better in many parts of the world. Yet, global trade and the prospects of growth still seem uncertain, and protectionism seems to be on the rise. In developed countries, there is anxiety over the loss of the manufacturing jobs that once absorbed a large share of the labor force and created a middle class that formed the core of democracy. Most middle-income countries have not yet been able to make the transition to the high-income group despite the decades of growth. Progress among low-income countries, particularly the sub-Saharan African countries, in achieving productivity growth and structural change—key features of economic development—has not been encouraging, and reverse structural transformation or deindustrialization has occurred in some countries.