![]() The implication of that is that they need to go through a prolonged phase of high investment. The overarching difference is that these countries are desperately capital scarce. Out of those differences will emerge different strategies and different responses. Let’s start with what the key differences are between a low-income economy and a middle-income economy. ![]() So good policies in those environments would just look different from good policies in middle-income environments, and that’s not sufficiently recognized. What do you see as the macroeconomic challenges that these countries have in common?Ĭollier: I think the countries of the bottom billion, the low-income countries, are distinctive not just in terms of having on average fewer good policies than the middle-income countries they’ve got different problems. Glenn Gottselig interviews Oxford economist Paul Collierį&D: In a recent presentation to IMF economists, you spoke about the macroeconomics of the bottom billion. ![]()
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