[A] lot of developing countries are dependent on primary commodities, and especially those that are dependent on oil have been devastated because oil demand has collapsed as a result of the pandemic. ...[I]t is important for developing countries to diversify... production structure to avoid this... Easier said than done... Ecuador, under Rafael Correa, tried for about 10 years to shift the production structure. The pull of the oil was so strong that by the end of his term, it was a bit lower, but the dependence was still very high. ...[I]n the next few years, because of the pandemic... primary commodities... (material products) might actually become more important in relative terms... [T]he overall level of demand will be lower... but... in relative terms, at least, primary commodities are going to fare better than... services. The point... is... what happens in the long run will really depend on what you do with the income that you earn from primary commodities. ...[L]uckily a lot of countries have been thinking about industrializing using more active industrial policy... so something might happen in some countries and... some... are already doing... very impressive things... Ethiopia has converted a lot of its garment making facilities—basically investments from east Asia: South Korea, China, Taiwan—into factories producing [medical] personal protection equipment... [I]t has converted... passenger jet planes into cargo planes and is doing more cargo business.

What It Means

This is a placeholder explanation generated by the low-overhead model. It interprets "[A] lot of developing countries are dependent on primary commodities, and especially those that are dependent on oil have been devastated because oil demand has collapsed as a result of the pandemic. ...[I]t is important for developing countries to diversify... production structure to avoid this... Easier said than done... Ecuador, under Rafael Correa, tried for about 10 years to shift the production structure. The pull of the oil was so strong that by the end of his term, it was a bit lower, but the dependence was still very high. ...[I]n the next few years, because of the pandemic... primary commodities... (material products) might actually become more important in relative terms... [T]he overall level of demand will be lower... but... in relative terms, at least, primary commodities are going to fare better than... services. The point... is... what happens in the long run will really depend on what you do with the income that you earn from primary commodities. ...[L]uckily a lot of countries have been thinking about industrializing using more active industrial policy... so something might happen in some countries and... some... are already doing... very impressive things... Ethiopia has converted a lot of its garment making facilities—basically investments from east Asia: South Korea, China, Taiwan—into factories producing [medical] personal protection equipment... [I]t has converted... passenger jet planes into cargo planes and is doing more cargo business." in the context of "" to mean that wisdom is timeless.