GENEVA – Since the 2008 global financial crisis, industrial policy has crept back into respectable economic discourse, after decades of being derided as misguided interventionism, particularly for developing countries. But its renaissance is being led by the advanced economies that once rejected it, with the push into AI and renewable energy hastening the shift. For developing countries, this revival presents new opportunities, provided that they can manage three major constraints: a weak enabling environment (a lack of infrastructure and other necessary inputs), limited autonomy in policy-making, and fiscal constraints. Industrial policy is often understood in terms of subsidies and tax breaks, but for many developing economies, far more than these instruments must be put in place. Without reliable digital connectivity, dependable power supplies, trusted data-protection regimes, and a skilled workforce, ambitions for AI-led growth will amount to little more than rhetoric. Developing countries’ policy options are also constrained, because World Trade Organization (WTO) rules limit
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