India’s economic policy will not make it rich
A new World Bank report takes aim at emerging-market growth plans
The developing world has fallen back in love with economic planning. As protectionism sweeps the West, poor countries are no longer afraid of industrial policy—or bold ambition. India’s government declares that manufacturing will propel the country to high-income status by 2047. Indonesia wants to get there by 2050, with growth driven by green commodities. Vietnam is aiming for annual gdp growth of 7% until 2030. By the same time, South Africa wants to have more than doubled its income per person from 2021. Surely economies everywhere are about to accelerate.
Explore more
This article appeared in the Finance & economics section of the print edition under the headline “Modi’s missteps”
Finance & economics August 3rd 2024
- What the war on tourism gets wrong
- Which cities have the worst overtourism problem?
- Investors beware: summer madness is here
- Gary Gensler is the most controversial man in American finance
- India’s economic policy will not make it rich
- China’s last boomtowns show rapid growth is still possible
- EU handouts have long been wasteful. Now they must be fixed
From the August 3rd 2024 edition
Discover stories from this section and more in the list of contents
Explore the editionDiscover more
Could war in the Gulf push oil to $100 a barrel?
Missiles are flying over a region that supplies a third of the world’s crude
How bond investors soured on France
They now regard the euro zone’s second-largest economy as riskier than Spain
Can Andrea Orcel, Europe’s star banker, create a super-bank?
An interview with the boss of UniCredit
Why economic warfare nearly always misses its target
There is no such thing as a strategic commodity
A tonne of public debt is never made public
New research suggests governments routinely hide their borrowing
Xi Jinping’s belated stimulus has reset the mood in Chinese markets
But can the buying frenzy last?