"AN INVESTMENT IN KNOWLEDGE ALWAYS PAYS THE BEST INTEREST" BENJAMIN FRANKLIN
"AN INVESTMENT IN KNOWLEDGE ALWAYS PAYS THE BEST INTEREST" BENJAMIN FRANKLIN
The structural transformation across the economic sectors is one of the prominent features that go together with economic development. The paper scrutinizes whether developing and low-income countries follow a similar path and pattern of structural transformation by which the developed countries are following or following this threshold and are now experiencing a shift from the industrial sector to the service sector. The structural transformation paths of developed countries are almost identical, but the pattern of sectoral output shares varies from that of developing countries. The research reveals a fascinating finding i.e., low-income countries outperform middle-income countries and some major countries in terms of the pace of structural transformation from agriculture to the service sector.