EIU research: $2 trillion of new growth from rural economies possible by 2030
Basel, Switzerland
- Rural policy, infrastructure and land rights are key to realizing potential
- Investment in rural economies has great potential to stimulate global economic growth
Research released today from the Economist Intelligence Unit (EIU) shows that promoting rural development has the potential to unlock $2 trillion of annual economic output globally by 2030 鈥 boosting rural GDP by more than 13 percent to around $17 trillion.
The research, entitled 鈥淯nleashing Rural Economies鈥 and sponsored by lv棋盘格, models how global GDP, rural GDP and rural populations could evolve by 2030 under various scenarios. The research examines methods to develop stronger rural economic growth in six countries 鈥 Angola, Argentina, China, France, India and Nigeria. Conclusions of the research include the following:
- Policy. An increased and specific focus on rural development is essential in national policy.
- Land rights. Restrictions on land use or land rights and a lack of adequate land documentation result in significant underinvestment in agriculture.
- Operational infrastructure. Enhancing transportation, power and water infrastructure and more investment in rural supply chains, productivity improvements, roads and irrigation are all vital to achieve growth.
- Social infrastructure. Investment in healthcare and education, as well as in broadband internet and mobile communication networks could make rural areas significantly more productive.
Jonathan Seabrook, Head of Corporate Affairs, said: 鈥淧olicymakers have an important opportunity to focus on rural development as a critical part of economic growth and social well-being. The conclusions of this research are aligned with our commitments under The Good Growth Plan. We are working with our partners around the world to develop rural communities and increase grower productivity. The research also confirms that investing in agriculture will be central to achieving the UN鈥檚 Sustainable Development Goals, notably regarding hunger, poverty and well-being.鈥
Brian Gardner, managing editor with the Economist Intelligence Unit, said: 鈥淭his research highlights the sheer scale of growth that could be unlocked from rural areas. Getting the right social and operational infrastructure in place is vital but the potential upside is remarkable. Policymakers around the world need to re-evaluate what, too often overlooked, rural areas can contribute to their broader economies.鈥
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About The Economist Intelligence Unit
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