Home Economy Shift in value chains beyond manufacturing can benefit developing economies, says report

Shift in value chains beyond manufacturing can benefit developing economies, says report

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KUALA LUMPUR (Nov 16): Global value chains present significant growth opportunities for developing economies even in the wake of the Covid-19 pandemic, and their contribution to the world economy may be much larger than normally reported, according to a report released by the Asian Development Bank (ADB).

The Global Value Chain Development Report 2021: Beyond Production said that with the expansion of trade in intellectual property services, global value chains have spread beyond manufacturing, presenting opportunities for more inclusive growth in developing economies. 

“Global value chains — the multicountry cross-border production networks that bring a product or service from conception to market — may be twice as large as commonly reported if the ‘missing value’ of trade in intellectual property services is taken into account,” said the report which was virtually launched on Tuesday (Nov 16).

The report was jointly published by ADB, the…

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