This paper examines the extent to which Pakistan's growth has been, or is likely to be, constrained by its balance of payments. Evidence presented suggests that Pakistan's maximum growth rate consistent with equilibrium on the basic balance is approximately 5% per annum. This is below the...

Long-run growth is about the structural transformation (diversification and upgrading) of the economy, itself a function of the accumulation of capabilities that allows a country to produce new and more unique products. In this paper, we develop an "Index of Opportunities" for 96 non-high-income...

This paper takes a sample of 16 Asian countries and shows that: (i) Income levels in Asia have not tended to converge during the last 30 years, (ii) There has not been a catch-up process with the US: the initially more advanced Asian countries have reduced the income gap with the US faster....