Growth in the New Economy Towards a Blueprint 2026

of countries in Europe, the Middle East and North Africa, and Sub-Saharan Africa. Central Asia stands out as the only region where high costs of energy and commodities does not feature among the top barriers in any country, likely driven by the region’s position as a major exporter of key commodities. “Lack of policy stability and continuity” is the only other cross-cutting barrier, topping the agenda in about one out of two countries across regions and income levels. The executives surveyed rank it as one of the top three barriers to growth in 63% of lower-middle-income and 56% of upper-middle- income economies, and more than 40% of low- and high-income economies. Regionally, it is seen as the number one barrier in the majority of countries in Eastern Asia and Latin America and the Caribbean. The impact of other factors varies significantly across regions and income levels. In higher-income countries, skills shortages and regulatory rigidity tend to top the agenda more often. This difference likely reflects the higher complexity of economic activity and growing competition at the frontier amid the accelerating technological race and the divergent trajectory of demographic trends. For example, “lack of skilled workforce” appears in the top three barriers in 69% of high-income and 56% of upper-middle- income economies, compared to 33% or fewer among lower-middle- and low-income economies. Regionally, it appears more often among the top barriers in Northern America, Europe and Central Asia and Europe, followed closely by South-Eastern Asia, Southern Asia, Eastern Asia and Oceania. The focus on “outdated and inflexible regulations” follows a similar pattern, topping the agenda in 65% of high-income economies, compared to less than 40% of upper-middle- and lower-middle-income economies and none of the low-income economies. In lower-income economies, fundamental development barriers – from “limited access to finance” and “lack of adequate infrastructure” – are seen as relatively more acute. Limited access to finance, in particular, is cited as one of the top three barriers in 100% of low-income economies and 63% of lower-middle-income economies, affecting a large number of countries across Sub-Saharan Africa and the Middle East and North Africa. Infrastructure gaps are also cited among the top barriers in the majority of low-income and upper- middle-income economies, and in more than 40% of lower-income economies surveyed. Notably, “limited access to global value chains” is seen as a relatively weaker barrier to growth across most countries, except in Central Asia and South- Eastern Asia, where it ranks among the top three barriers in 40% and 25% of countries, respectively. “Limited tech know-how and innovation” is also among the least-cited constraints, featuring among the top three in only 17 countries globally, reflecting the weight of fundamental constraints as more direct barriers to growth across most countries. ‘High costs of energy and commodities’ is the most consistent barrier, seen as one of the top three barriers in 73 out of 118 countries globally. 20 Growth in the New Economy: Towards a Blueprint