The policy response has to be powered by technological capital deepening, accompanied by long term investment in research and development to nurture a competitive innovation ecosystem, skill development through sustained educational attainments and training, and building up the physical infrastructure. EMDEs need to leverage the potential of the services sector to drive productivity growth.
Investing in ICT infrastructure, securing reduction in trade costs like those associated with shipping, logistics and regulation and supportive business-enabling reforms could help to engage the private sector in partnering in this endeavour.