Perspectives Moving Forward

ABSTRACT

Growing differentiation among developing countries, declining capital flows and remittances, uncertain external aid, weakening global architecture, and rising China are reviewed. In 2021, developed countries, led by the United States, had begun a recovery. Considerable progress was achieved in developing countries prior to the COVID-19 pandemic in reducing poverty;infant and child mortality, stunting, wasting, anemia;increasing food security and nutrition;and improving gender empowerment. Impacts of the pandemic on the poverty-food security-nutrition-health nexus and implications for action are described. Agricultural total factor productivity growth across regions and countries shows huge differences in aggregate productivity growth performance. Countries with low growth also lagged in structural transformation. Premature deindustrialization in developing countries peaks at earlier levels of per capita GDP than for industrialized countries. All farm sizes can achieve productivity growth and success, but smallholders require the functioning of factor and product markets, with strong public policy. Productivity growth measures have not included changes in the quality or quantity of natural resources, but that is changing. Overall, the issue of low financial flows to developing countries needs to be addressed, and available resources need to be used strategically to leverage greater public and private investments to food and agriculture. Substantial investments are needed in human and institutional capital and physical infrastructure for new technologies. The G20's contribution to the global architecture for food and agriculture has not met its potential relative to a promising early start. For 54 industrial and emerging countries monitored by the Organisation for Economic Co-operation and Development, changes in their agricultural policies offer scope for improvement in the overall policy environment and investment climate at the global level, including release of valuable resources for building better. © Uma Lele, Manmohan Agarwal, Brian C. Baldwin, and Sambuddha Goswami 2021.