•  A proper transition to a greater influence of market forces, and therefore an adequate sequencing of reforms, is critical for the success of these efforts. •  The drivers of productivity growth may vary along the development path. The “middle-income trap” hypothesis points to different policy requirements at different levels of development.
For instance, the launch of the current Chinese government’s “One Belt, One Road” initiative was inspired by the Silk Road initiative. The billions being poured into a reinvented and modern ‘Silk Road,’ comprising a network of around 60 countries in Asia and Europe will result in physical connections through land bridges, railways, utility grids and maritime highways.