Episode 104 -- Tim Cheston from the Harvard Growth Lab

@AuManufacturing Conversations

This episode of @AuManufacturing Conversations looks at the most recent Economic Complexity Index figures, compiled by the Growth Lab at Harvard University.
In it, Senior Research Manager at the Growth Lab Tim Cheston tells us about the most recent updates, what he thinks of the infamous assessment that “Australia is rich, dumb and getting dumber”, and more.

The conversation is brought to you by APS Industrial. Providing exclusive access to the market-leading Siemens industrial automation and low voltage electrical portfolio, APS Industrial partners with the best, to bring local industry the best.
Episode guide

1:05 – Introduction to the conversation, to Cheston, and to the Economic Complexity Index and what it measures.

3:09 – The most recent results, what they say, and who the leaders are. And why has South Korea risen so fast in the last two decades?

5:24 – Vietnam is another fast riser up the ranks, showing that countries that evolve their knowhow are those that do so will grow the fastest.

6:58 – Australia in the latest rankings, falling behind Bangladesh and Senegal to 102nd. “Consistently going in the wrong direction.”

7:45 – Why has Australia performed so badly in the ECI rankings?

8:30 – The challenges that low economic complexity creates.

10:40 – What Australia should consider to improve its prospects, starting with its “world-class service sector” and the decarbonisation trend.

14:00 – Shortcomings of the analysis, and shortcomings of how it’s interpreted.