In spite of cheaper labor abroad, the global West is shuttering factories in emerging economies to build closer to home. What does this mean for developing countries, where manufacturing may be critical for development? The World Bank’s new report, The Future of Manufacturing-Led Development, claims that firms and workers in developing countries must now transition to take advantage of new opportunities. Among other things, businesses should harness the benefits of new technology, equip workers with new skills and improve logistics, and government should lower trade restrictions.
See the report: Trouble in the Making? The Future of Manufacturing-Led Development.