Impacts of Manufacturing Sector on Economic Growth in Ethiopia: A Kaldorian Approach

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1 Available online at Journal of Business Economics and Manaement Sciences Vol. 1(1), pp.1-8, December 2014 Article ID: JBEMS14/ Journal Dynamics Oriinal Research Paper Impacts of Manufacturin Sector on Economic Growth in Ethiopia: A Kaldorian Approach Teshome Aduna Department of Development Economics, Ethiopia Civil Service University. *Correspondin author. Received 1 September, 2014; Accepted 19 November, 2014 Open Access article distributed under the terms of the Creative Commons Attribution License permits unrestricted use, distribution, and reproduction in any medium, provided the oriinal work is properly credited. ABSTRACT Manufacturin sector play the major roles in achievin economic rowth in developin and developed countries. The purpose of this article is to see the impact of manufacturin sector on economic rowth in Ethiopia based on Kaldorian approach. The study used secondary data collected from different sources: Central Statistical Aency (CSA), National Bank of Ethiopia (NBE) and Ministry of Finance and Economic Development (MOFED). The study period covered was between 1980 and 2009.The study applied both descriptive and econometric methods of analysis. The outcome revealed that the manufacturin sector output in the country increased from Birr 2.2 Billion to Birr 42 Billion in The sector output annually has increased annually by 50 percent between 2002 and 2009 as compared to 13 percent before In the same period, the number of manufacturin establishments increased from 408 to 2,172 which have showed additional 1700 new manufacturin firms durin the last three decades. Furthermore, the employment opportunity by the sector increased from 79 thousand to 186 thousand durin the study period. The sector has also shown a sinificant chane in structure, ownership and characteristics durin the last ten years ( ). Such chane in the manufacturin sector affects the economic rowth and productivity of other sectors. Durin these years (Between 2002 and 2009), the country has experienced stable and broad based economic rowth. The model estimation indicates that a unit percent chane in the manufacturin sector increase economic rowth by 24 percent in the country. In addition to this, the manufacturin sector sinificantly affects the labor productivity. The absence of selective overnment policy and poor competitive advantae of the sector in the international market have been stronly affectin the impact of the sector on national economy. Key words: Ethiopia, Manufacturin Sector, Economic rowth and Kaldor s law. INTRODUCTION Manufacturin 1 sector plays a major role for economic rowth in the developed as well as in developin countries. It is now well established in the rowth and development literature that there is a stron causal relation between the rowth of manufacturin output and the rowth of GDP (Pacheco-López and Thirlwall, 2013). The link between the rowth of manufacturin output and the rowth of GDP is sometimes referred to as Kaldor s first rowth law.(pacheco-lópez and Thirlwall, 2013). The economic transformation or structural chane 1 Manufacturin is the production of oods for use or sale usin machines, tools and labor. It refers to a series of human activities, from handicraft to hih tech, but is most commonly applied to industrial production, in which raw materials are transformed into new products / finished oods on a lare scale.

2 2 J. Bus. Econ. Manae. Sci. observed in most developed countries was due to the development of manufacturin sector. Since the late 18 th century, the manufacturin sector has been the main enine of rowth and catch up (Szirmai, 2009). Manufacturin sectors are ready to power the economy. With the riht policies in place, it will transform a difficult and sluish recovery into an economic resurence. After all, manufacturin has the hihest multiplier effect of any other sector of our economy. The development of emerin country mainly depends on the performances and structure of manufacturin sector in those countries. The path to development for economies in the last 200 years that have made the transition to hih incomes has often involved the development of sinificant manufacturin sectors (Greory, 2006). The increase in the share of the manufacturin sector in the economy witnesses economic rowth. It is a well documented empirical fact that economic rowth is associated with sinificant shifts in the sectoral output, employment and consumption structure (Boppart, 2013). In recent years, African countries have demonstrated renewed commitment to manufacturin development as part of a broader aenda to diversify their economies, build resilience to shocks, and develop productive capacity for hih and sustained economic rowth, the creation of employment opportunities and substantial poverty reduction (UNIDO, 2011). The emphasis on industrialization was due to its characteristics and advantae for fast and sustainable economic rowth in the continent. Accordin to Kaldor (1966), manufacturin has characteristics which make it the enine of rowth for two main reasons. Firstly, manufacturin itself is subject to increasin returns, both static and dynamic, while landbased activities and petty services are subject to diminishin returns. Secondly, as the manufacturin sector expands, and draws labor from other sectors where there are diminishin returns, productivity in these activities rises automatically because the averae product of labor is above the marinal product. Thus, the faster manufacturin output rows, the faster the rowth of productivity in the economy as a whole, which is the major source of GDP rowth and livin standards. (Pacheco- López and Thirlwall, 2013). Various efforts have been done in Ethiopia for the development of manufacturin sector. Since the economic reform proram the overnment of Ethiopia (GoE) undertook a number of measures for the development of manufacturin sector in the country: Market dereulation, privatization, tax and non-tax incentives, etc. Most of the studies conducted on Kaldorian for developin countries or emerin country where the manufacturin sector share has shown an increased trend rapidly. This is not the situation in Ethiopia, where the share of manufacturin sector remain stanant and sometimes decline. Various studies such as World Bank (2012), focused on sub-sector level of manufacturin sector in Ethiopia rather than to analyze the impacts of the manufacturin sector on economic rowth. To the best of my knowlede nobody has conducted a study on the impacts of manufacturin sector on economic rowth in Ethiopia. This study tried to address the research question what is the impact of manufacturin sector on economic rowth based on Kaldorian approach in Ethiopia. The study consists of six sections: The first section is objective which identifies the eneral and specific objective of the study. The next section explains the conceptual framework on the impacts of manufacturin sector on economic rowth. The third section explains the methodoloy used in the study: sources of data, methods of data collection and analysis. The fourth section discusses the structure of manufacturin sector in Ethiopia: trends, special location or distribution and output of manufacturin sector. While section five presents the impacts of manufacturin sector on economic rowth. The last section is conclusion and recommendation. Objective of the study The eneral objective of the study was to find out the impacts of manufacturin sector on economic rowth based on Kaldorian approach in Ethiopia. The specific objective includes: To see the structure of manufacturin sector in Ethiopia To analyze the impacts of manufacturin sector on economic rowth in Ethiopia To suest the possible recommendation for the manufacturin rowth in Ethiopia Conceptual framework: Impacts of manufacturin sector on economic rowth a Kaldorian approach There are various theories developed to explain the sources of economic rowth. Most of these theories arue that the source of economic rowth is the availability or the supply of factors of production such as labor, technoloy and capital. But this idea was challened by Nickolas Kaldor in He arued that economic rowth is based on the increasin rerun of economic scale in the economy. Accordin to this arument the sector with hiher return of economic of scale determines economic rowth of a iven country. Thomas (2003), identified three principal themes of manufacturin 2 sector. The first is manufacturin is evolvin into a Solutions-Based, Hih Innovation Model. 2 Accordin to the United Nations Department of economic and Social Affairs (DeSA) defines manufacturin as the physical or chemical transformation of materials, substances or components into new products. The materials, substances or components transformed are raw materials that are products of ariculture, forestry, fishin, minin or quarryin or products of other manufacturin activities. Substantial alteration, renovation or reconstruction of oods is enerally considered to be manufacturin.

3 Teshome 3 The second is commitment to technoloy and innovation that is the base for key to sustainin competitiveness and productivity rowth. The third is manufacturin sector leadin in innovation and productivity that benefits spread to other sectors. In other words, manufacturin is the enine for economic rowth. Such characteristics of manufacturin sector increase economic rowth throuh increasin return. The increasin returns to scale is essentially a macroeconomic phenomenon (and in particular of the manufacturin sector) and arise from specialization, learnin and accumulation mechanisms as indicated by Youn (1928) and in the theory of incorporated technical proress (Maddison, 1979). Kador identified three law that emphasizes how manufacturin sector affect economic rowth in the economy. The first law said the increase in manufacturin output increases the national output. Manufacturin is the base for economic rowth. The fastest rowin countries in the world today are the so-called newly industrializin countries where the share of manufacturin output in GDP is risin most rapidly. Accordin to Pons-Novell and Viladecans-Marsal (1998), there is a positive relation between rowth of the Gross Domestic Product (GDP) and the output rowth of manufacturin: it can be arued that the industrial sector can experience hiher productivity increases (increasin returns to scale) than other productive sectors, because the industrial sector can incorporate technoloical proress more easily and, therefore, induce rowth in the overall economy. The second Kaldor law is that the labor productivity increase is based on the production of the manufacturin output. As cited by Ofria and Millemaci (2010) and in Kaldor s (1966), the reasons are to be found: i) into the irrelevance of the initial endowment in the rowth process; ii) in the presence of static and dynamic economies of scale and of learnin by doin processes; iii) in the relevance of the specialization and interaction process amon firms; iv) in the endoeneity of the technical proress, embodied in capital. This indicates how the manufacturin sector is playin the major role in economic rowth theory increasin the national economy and increasin factor or labor productivity. Even most of the African countries that experience fast economic rowth was based on the rowth of the manufacturin sector. The rowth of the economy is hihly influenced by the level or amount of manufacturin sector in the economy. The hiher the manufacturin output in the economy would increase rapidly the national output at the same time it increases the productivity of the factors of production. The labor productivity would increase in the manufacturin sector due to specialization and increasin 2014 Journal Dynamics return in the sector. In the same way the increase hiher innovation and creativity in the manufacturin sector increase the economic rowth in the economy. Such benefit of manufacturin sector promotes the resilience capacity of the national economy from external or internal shock. RESEARCH METHODOLOGY The study used main secondary data collected from Central Statistical Aency (CSA), National Bank of Ethiopia (NBE), Ministry of Finance and Economic Development (MoFED), Ethiopian Economic Association. The study period covers between 1980 and The data collected from annual report of CSA and NBE. The descriptive and econometric model is applied in the study analysis. The descriptive analysis used, ration and percentae. The study outcome was presented by table and raph. The econometric model used double lo multiple reression equation to identify the impact of manufacturin sector on economic rowth in Ethiopia. The major variable included in these study were real national output which is measured by real Gross Domestic Product (RGDP), Manufacturin output, manufacturin number of employment and labor productivity. The first law of Kadar is that manufacturin and economic rowth have positive relationship. Equation 1 presented the first law of Kador. dp f mf (1) Where dp represent real ross domestic product and mf represent manufacturin sector output. The subscript indicates the rowth over the period of time or study period. The second law of Kaldor which is commonly know as Verdoorn Kaldor law said that the increase in manufacturin output increase the productivity. The internal and external economic scale of the manufacturin sector increases the productivity of labor. In addition to the hiher specialization in the manufacturin sector sources of increase in the productivity of the economic as well as in the sector. The equation 2 below present the second Kaldor s law which say the hiher manufacturin output increase the labor productivity. lprdt f mf (2) The lprdt represent labor productivity in the manufacturin sector and mf indicates the rowth rate of labor productivity in the manufacturin sector. All necessary stationerity and model specification test were conducted. Furthermore, the study applied Graner causality test to see the causational relationship between the manufacturin output and economic rowth in Ethiopia. Structure of manufacturin sector in Ethiopia There are different types of manufacturin sector in

4 4 J. Bus. Econ. Manae. Sci. Fiure 1. Total number of manufacturin establishment. Source: Central Statistical Aency Abstract, Ethiopia. Lare and medium scale manufacturin, small scale manufacturin and cottae and Handicraft manufacturin. The structure of manufacturin sector refers to the different characteristics of manufacturin based on various indictors. It can be seen in the structure of the manufacturin sector based on the trends of manufacturin sector, output of manufacturin sector, the distribution and ownership of the manufacturin sector. Trends of manufacturin sector in Ethiopia Trends refer to the chane in the number of manufacturin establishment in the country. As you can see in the Fiure 1, the number of manufacturin establishment in Ethiopia showed an increasin trend. In 1980, the number of manufacturin was only 408. After ten years, in 1990, the number of manufacturin sector declined to 288. Due to economic policy chane and lack of market incentive the number of manufacturin sector declined by 41 percent between 1980 and Around 120 manufacturin sector became out of the market within ten years. In 2000, the new number of manufacturin sector joined the sub-sector which was around 500. In 2009, the total of manufacturin sector in the country reached 2,179. As compared to before three decades the numbers of manufacturin sector chane by more than 1,700. But the chane was irreular. Durin the 1980 and 1991 the manufacturin sector experienced a declined trend. After economic reform proram introduced in the country, the rowth rate of manufacturin rowth was at a slow pace till The rowth of manufacturin sector was faster and sustainable in the country since 2000 which showed annual rowth rate of 19 percent as compare to 3.2 percent of an annual rowth rate before The more involvement of the private manufacturers in the economy contributed for fast rowth of the number of manufacturin sector in the country. Durin the command economic system the number of private manufacturers was restricted or limited in the sector. Due to these conditions the number of manufacturin sector declined to a lower level. The absence of private manufacturin sector affected the domestic and international competitiveness of the sector durin 1980 and 1990, respectively. Durin the neoliberal reform period between 1991 and 2002, the number of manufacturin sector started to show a positive trend. But the improvement was not stable and sustainable. The lack of infrastructure, poor business environment and market failure mainly hindered the performance of the sector. However, since 2002, when the country experienced social and infrastructural development, the manufacturin sector also has shown increasin trends. Durin this period the overnment had various incentives that attracted the private manufacturin sector and at the same time that improved the efficiency and effectiveness of the public manufacturin sector. The distribution of manufacturin sector in Ethiopia The structure of the manufacturin sector can be seen by the distribution of manufacturin sector in the country. The distribution of manufacturin sector affects the sustainable economic development in the country. Even if the availability of resources determine the distribution of manufacturin sector, the nature of the manufacturin concentration affect the income distribution and efficient utilization of national resources. The study used the available data which showed the distribution of manufacturin sector in Ethiopia. In 1995 the number of manufacturin sector in Addis Ababa the capital of Ethiopia was 438. This is around 68 percent of the total manufacturin sector in the country. Followin Addis Ababa, Oromia (11 Percent) and Amhara national reional State (6 percent) takin the second and third. The four reions (Addis Ababa, Amhara, Oromia and SNNRS) takin around 90 percent of the total

5 Teshome 5 Fiure 2. Number of manufacturin sector by types of output in 1995 and Source: Central Statistical Abstract, 1997 and manufacturin sector in the country. Durin the last fifteen years the numbers of manufacturin sector increased. Addis Ababa administration number of manufacturin sector reached 875 which is 40 percent of the total manufacturin sector. As compared to 1995, the share of Addis Ababa, declined by 20 percent. The number of manufacturin sector in Oromia National Reional State was increased to 451 in The share of Oromia national reional state increased to 21 percent. SNNRS took the third place in 2009 with 292 number of manufacturin sector. In this year the share of SNNRS reached 18 percent. There is sliht chane on the distribution of manufacturin sector durin the study period due to various incentives iven by the overnment for private sector to invest in each reional state. But still in 2009, the share of the manufacturin sector taken only by four reions (Amhara, Oromia, Addis Ababa and SNNRS). These four reions took 90 percent of the number of manufacturin sector in Ethiopia. Types of manufacturin output The last indicator that was used to see the structure of manufacturin sector in Ethiopia is the types of output produced by the manufacturin sector in the area. There are four major cateories of manufacturin output in Ethiopia: Consumer oods, Metal, Non-metal and chemical. The share of the types of output produced by manufacturin sector indicates the development of manufacturin sector in the country. The fiure 2 shows the types of manufacturin output in 1995 and In 1995 the total number of manufacturers which produced consumer oods product was 293 which is 46 percent of the total manufacturin output. In the same year, the Non-metal and metal manufacturin output took 38 and 11 percent of total manufacturin sector output respectively. Durin this period the manufacturin sector output was dominated by the consumer oods industry such as beverae, textile and cloth. In 2009 the number of consumer oods industries increased to 778. It was increased by 485 between 1995 and In the same way the number of non-metal and metal manufacturin output reached to 1079 and 219. The non-metal manufacturin sector showed more than threefold improvement durin the study year. While in 2009, the share of the non-metal industry reached 50 percent of the total manufacturin sector output in the country. There were sliht chanes in the types of manufacturin output in the economy. But still the structure of the manufacturin sector intermesh of manufacturin sector output indicates the lower level of manufacturin sector development in the country. The experience of many emerin countries indicates the structure of the manufacturin sector chaned from the consumer oods industries to the micro-electronics industries. Such chanes in the composition of manufacturin sector improve the competitiveness capacity of the country in the world market as well as in providin hih contribution for the national economy. The manufacturin sector in Ethiopia dominated by consumer and non-metal oods industry can be competitive in the world economy due to the low productivity and demand of the types of manufacturin output. In the same way the deree of innovation in consumer oods industries is lower than the micro-electronics industry. Therefore, the

6 6 J. Bus. Econ. Manae. Sci. Fiure 3. The annual rowth rate of manufacturin, aricultural and national economy between 1998 and Source: Central Statistical Aency Abstract, structural transformation of the national economy depends on the types of manufacturin output. The more consumer oods produced by manufacturin sector in the economy may not achieve the fast and efficient structural transformation in the economy. This was what was observed in the stanant nature of the manufacturin sector in the country. Even sometimes the country was experiencin the decline share of the manufacturin sector from the national economy. As can be seen in the next section, the manufacturin sector experienced a decline share despite its rowth rate durin the study period. The rowth of Manufacturin sector and National economy Manufacturin sector and economic rowth have positive relationship in the economy. In most developed countries the increase in the share of the manufacturin sector enable them in their national economy to row at a faster rate. This section tries to see the relationship between manufacturin rowth rates with the rowth rate of the national economy. The manufacturin rowth rate was measured by the market value of the manufacturin output between 1998 and In the same way the rowth of the national economy is measured by the total market value of output produced in the country. For comparison purpose the study included the rowth rate of the aricultural output. Fiure 3 indicates the relationship between the rowth of the manufacturin sector and economic rowth in the country. In 1999, the rowth rate of manufacturin and economic rowth was around 13 percent for both manufacturin and national economy of Ethiopia. In 2001 both the manufacturin and national economy experienced a decline of 2 percent as compared to Even if the aricultural sector declined by 10 percent the national economy could not decline by proportional rate. Rather the economic rowth declined proportional to the decline rate of the manufacturin sector. In 2005 the manufacturin sector experienced 18.2 percent rowth which enabled the economy to row by 24 percent. The continuous rowth of manufacturin sector since 2005 has made the national economy to experience stable and continues rowth. When the aricultural sector achieved 3 percent lower rowth in 2009, the national economy was increased by 12 percent due to the hiher rowth rate of manufacturin sector in the country. The manufacturin and national economy was more related as compared to the relationship between the aricultural sector and national economy. Even if the share of the aricultural sector is hiher than the manufacturin sector, the rowth of both manufacturin and national economy was stron in the study period. This stron relationship between economic rowth and manufacturin rowth observed at the time of declinin in the share of the manufacturin sector out of the total national output. Accordin to CSA (2012) report, the share of the manufacturin sector declined from 5.1 in 1998 to 3.3 percent in Despite the declined share of the manufacturin sector, it stronly affected the economic rowth. The hiher internal and external economic scale in the manufacturin sector contributed for positive relationship between manufacturin and economic rowth. This indicates how the manufacturin sector stronly affects the national economy in Ethiopia. Impacts of manufacturin sector on economic rowth in Ethiopia Accordin to Kaldor s law, manufacturin sector affects the economy throuh different ways. The first Kaldor law states that manufacturin sector is the enine of economic rowth. That means the hiher manufacturin

7 Teshome 7 Table 1. Number of manufacturin sector in selected year by reion in Ethiopia. Reion 1995/ /2010 No. Percentae No. Percentae% Tiray Afar Amhara Oromia Somalia Benshanul SNNRS Gambella Hareri Addis Ababa Dire Dawa Total Source: Central Statistical Aency abstract, 1997 and Table 2. Statistical summary of variables used in the study. Variable Observation Mean Std. Dev. Min Max Labor productivity Manufacturin sector output National Output Employment in manufacturin sector Source: Compiled from CSA abstract, 2002, 2003,2006,2009,2011, and output in the economy the hiher the increase the national economy. The second law is that the hiher manufacturin output increases the hiher the labor productivity which increases the national economy. The third law is the shift of labor from other sector to manufacturin sector increase the productivity of another sector which positively affects the national economy. The other which extended by various scholar is the impacts of manufacturin sector on export. The hiher manufacturin sector affects the export which affects the national economy. In this section the study test the impacts of manufacturin on economic rowth and the impacts of manufacturin on labor productivity in Ethiopia. Table 1. Table 2 presents the statistical summary of the variable included in the study. The number of observation for all variables was 30. The averae of labor productivity was 73 with the minimum of 21 and maximum of 224. There is wide chane in productivity over the study period. The total mean of manufacturin output was Birr 8. 4 Billion. The minimum of manufacturin output was Birr 1.7 Billion and the maximum is Birr 42 Billion. The minimum and maximum national output which was measured by real GDP was Birr 8.6 and 308 Billion respectively. The manufacturin sector manaed to provide employment opportunity for 186 thousand with the averae employment opportunities of 99 thousand workers. The study outcome revealed that units percent chane in the manufacturin sector increased the national economy by 26 percent. The study outcome support the Kaldor arument which said manufacturin is the enine of economic rowth. The hiher rowth of manufacturin sector in Ethiopia, the increase the national output in the country. The equation t value is 5.01 which indicate the sinificance of the explanatory variable.. This indicates the sinificances of the coefficient of explanatory variable. The standard error value of the explanatory variable is which is close to zero. As it can be seen on equation 3 below a unit percent chane in the manufacturin sector increased the economic rowth by 26 percent. This outcome is in line with the first Kaldor s law dp Mf (3) The second law is about the chane in the labor productivity due to the hiher production of the manufacturin sector. There are various debates about which should be an explanatory variable between

8 8 J. Bus. Econ. Manae. Sci. manufacturin output and labor productivity. This study is not interested in this debate, rather it focuses on the kaldor s second law that said the rowth of manufacturin sector increased the productivity of the labor. The estimation outcome on equation four indicates a unit percent chane in manufacturin output, increase the labor productivity by 47 percent. lprdt mf (4) The estimation outcome revealed that the manufacturin sector in Ethiopia affect the economy while the sector rowth is at a low pace. The hiher rowth of the manufacturin sector can have multiple impact on the national economy. Conclusion and Recommendations The manufacturin sector plays the major role on structural transformation of developed and developin countries. The first empirical evidence on the impact of manufacturin sector on economic rowth was uncovered by Niacklas Kaldor in The major purpose of this study was to see the impact of manufacturin sector on economic rowth based on Kaldor s approach. The secondary data was collected from various sources. The study period was covered between 1980 and 2010 based on the availability of data. Both descriptive and econometrics model was used in the study. Ethiopia manufacturin sector is characterized with slow rowth rate. The sector distribution is concentrated only to the major urban area. Most of the manufacturin output in the country was the consumer oods industry. The model estimation revealed that a unit percent chane in the manufacturin sector increased economic rowth by 42 percent. In addition to this, the manufacturin sector affects the national economic rowth by increasin the labor productivity. The study outcome indicated that the manufacturin sector in Ethiopia play the major role in structural transformation in the country. The future economic rowth in the country depends on the performances of the manufacturin sector in the country. The overnment should strenthen its current effort on development of the manufacturin sector in the country. With the dynamic nature of the lobal market, the overnment should apply innovative economic policy. The industrial policy should be implemented as per the plan with coordinated manner. The effectiveness of industrial zone development determines the structural transformation of the country. The private sector must improve their entrepreneurial skill to exploit the market economy in the country. The dependency of the manufacturin sector on imported material must be replaced with local resources or materials. This promotes the competitiveness of the local manufacturin sector that increases the impact of the sector in the economy. The last but not the least, the overnment should take selective and effective protection of the manufacturin sector in the country. REFERENCES Boppart T (2013). Structural chane and the Kaldor facts in a rowth model with relative price effects and non- Gorman preferences. Central Statistical Aency Abstract Various Publications ( ). Greory C (2006). Manufacturin Growth: What is the path to prosperity in Africa?, University of California, Davis. Kaldor N (1966). Causes of the Slow Rate of Economic Growth of the United Kindom: an Inauural Lecture. Cambride: Cambride University Press. Maddison A 979). "Per Capita Output in the Lon Run," Kyklos, Wiley Blackwell, vol. 32(1/2): Ofria F, Millemaci E (2010). Kaldor-Verdoorn's law and increasin returns to scale: a comparison across developed countries. Pacheco-López P, Thirlwall AP (2013). A New Interpretation of Kaldor s First Growth Law for Open Developin Economies, University of Kent School of Economics Discussion Papers,KDPE. Pons-Novell J, Viladecans-Marsal E (1998). Kaldor's laws and spatial dependence. evidence for the european reions, 38th european conress of the reional science association Vienna, Austria. Szirmai A (2009). Industrialisation as an enine of rowth in developin countries, United Nations University - Maastricht Economic and social Research and trainin centre on Innovation and Technoloy Maastricht, The Netherlands. Thomas J (2003). U.S. Manufacturin: The Enine for Growth in a Global Economy Chicao, Illinois. Unido (2011).Industrial Development Report 2011, industrial enery efficiency for sustainable wealth creation capturin environmental, economic and social dividends. World Bank (2012). New Structural Economics, A framework for rethinkin development and policy, WD, USA. Youn A (1928). Increasin returns and economics proress, the economic journal, Vol. 38: 152.

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