Labor, no matter how inexpensive, will become a less important asset for growth and employment expansion, with labor-intensive, process-oriented manufacturing becoming a less effective way for early-stage developing countries to enter the global economy.

Actions aimed at supporting deleveraging and balance-sheet repair - such as recognizing losses, writing down assets, and recapitalizing banks - carry longer-term benefits but short-term costs.

All countries will eventually need to rebuild their growth models around digital technologies and the human capital that supports their deployment and expansion.

Michael Spence Quotes