The industrialization gap in LICs and LMICs.
Industrial dynamics have differed considerably across countries and regions over the past decades. While some parts of the developingworld have succeeded in expanding their industrial sector and accelerating innovation , others are lagging behind (see Figure 3). Countries in the Asia-Pacific region, for instance, have experienced remarkable growth in terms of their manufacturing value added (MVA) per capita, particularly among upper middle-income countries (UMICs) , with China leading the way. In stark contrast, Africa and Latin America have witnessed much slower growth across all LICs, LMICs and UMICs . These trends highlight the disparities in industrialprogress both across regions and income groups . Different industrial dynamics are leading to stronger concentrations of industrial production in specific regions and countries (see Figure 4). In 2000, high-income countries (HICs) dominated the share of global MVA, accounting for 75% of global industrial production . B...