The Global Economic Transformation Will Be Local

In this commentary, the authors argue that the ongoing transformation of the global economy will increasingly be shaped by local dynamics. They note that developing and developed economies are confronting similar structural challenges—such as the climate transition, productivity stagnation in services, and uneven gains from globalization—which require localized policy responses. Effective solutions, they contend, involve empowering subnational governments and local stakeholders to tailor workforce development, innovation policy, and community investment to reflect specific socioeconomic contexts.