The Global Centre for Risk and Innovation (GCRI)
Development economics studies how economies move from low to higher productivity and incomes, why some succeed and others stall, and how the benefits are distributed. Under systemic risk, it also asks how shocks interrupt that process and how economies recover. This page defines the field, explains why it matters and shows how it connects to other risks.
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The Economic Development field covers economic transformation, inclusive growth, industry, trade and development under systemic risk. Experts in it study questions such as inclusive productivity and industrial policy and upgrading, with methods such as economics and development economics as well as econometrics. Its counterparts at GRF and GRA look at the same systems through governance and finance.
Fig.How GCRI, GRF and GRA share one field while the authorities decide. Design, not a record.
The working screen behind this subject: its structure, terms and states. Names are placeholders and values illustrative.
The field covers structural transformation, the shift of workers and capital from low-productivity to higher-productivity activities; the accumulation of physical, human and institutional capital; trade and integration into global markets; and the distribution of income, assets and opportunity.
It also covers the role of the state: public investment, taxation, social protection and industrial policy, and the institutions that make markets work. Its methods range from macroeconomic and input-output models to household surveys and impact evaluation.
Income, jobs and assets determine whether households can absorb a shock or fall into poverty.
Tax bases and borrowing capacity determine what governments can do in a crisis.
Economies reliant on few products or markets are more exposed to price and demand shocks.
Each term as this page uses it. Where a standard-setting body defines the term, the wording follows that body.
| Term | Definition |
|---|---|
| Inclusive growth | Growth whose benefits are widely shared across income groups, regions and genders. |
| Fiscal space | The room in a government's budget to spend or cut taxes without endangering fiscal sustainability. |
| Informal economy | Economic activities not covered, or insufficiently covered, by formal arrangements in law or practice. |
| Systemic risk | Risk arising from the interactions and dependencies within and between systems, where a shock can propagate and threaten the functioning of the whole. |
Economic systems connect climate, trade, health and finance. Climate hazards destroy capital and reduce productivity; trade disruptions raise import costs; health emergencies reduce labour supply; and financial conditions determine whether governments and firms can borrow to recover. These links are set out in dependencies and consequences.
The field gateways for economic development and development finance show every Consortium platform working on these subjects.
The current service level is R0: information and enquiries. An enquiry receives a reference and names the next step; applications, payments, compute allocations and registrations open only when their team, terms and review capacity exist.