Recent statistics from the United Nations Industrial Development Organization (UNIDO) provide insight into industrial production trends in developing regions, often referred to as the “Third World.”
Key Highlights:
- Growth Trends:
- Industrializing economies reported a quarterly growth of 1.4% in manufacturing output in Q2 2024. High-income industrializing economies, such as Saudi Arabia and Chile, led with a growth of 2.2%, while middle-income economies grew by 1.2%.
- Emerging industrial economies like Malaysia and Rwanda showed exceptional growth rates of 2.7% and 2.6%, respectively, with countries such as India and Vietnam following at 1.3% and 1.2%.
- Sectoral Analysis:
- High-technology industries rebounded in Q2 2024 with a growth of 1.6%, after stagnation earlier in the year. Meanwhile, lower-technology manufacturing remained relatively flat.
- Challenges:
- Growth remains uneven across low-income countries, with some regions experiencing contraction. For example, low-income industrializing economies saw a 0.5% decrease in production, highlighting vulnerabilities in these areas.
Long-term Trends:
- A gradual convergence process appears underway, as industrializing economies outperform high-income industrial economies, which reported slower or stagnant growth.
- These insights reflect a dynamic yet uneven industrial development landscape, emphasizing the potential for technological investment and productivity improvement to sustain growth.
For further details, refer to UNIDO’s World Manufacturing Report