In recent years, the developing world has seen a resurgence in economic planning as protectionism becomes more prevalent in the West. Countries like India, Indonesia, Vietnam, and South Africa are embracing industrial policy and ambitious strategies to propel their economies forward.
India, for example, aims to achieve high-income status by 2047 through a focus on manufacturing. Indonesia has set its sights on reaching the same status by 2050, with a focus on green commodities to drive growth. Vietnam is targeting annual GDP growth of 7% until 2030, while South Africa aims to more than double its income per person by 2030.
These bold ambitions signal a shift in mindset in the developing world, where countries are no longer afraid to pursue economic planning and set ambitious targets for growth. As protectionism takes hold in the West, developing nations are seizing the opportunity to drive their economies forward through strategic planning and targeted investments.
As we look towards the future, it is clear that economies everywhere are poised for acceleration. The developing world is embracing economic planning as a tool for success, and we can expect to see significant growth and development in the coming years as these countries work towards achieving their ambitious goals. With a focus on innovation, investment, and strategic planning, the developing world is well-positioned to thrive in an increasingly competitive global economy.
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