加速投资：挑战与政策

AcceleratingInvestment Challenges and Policies AcceleratingInvestment www.worldbank.org/en/research AcceleratingInvestment Challenges and Policies The text of this advance edition is a work in progress for the forthcoming bookAcceleratingInvestment: Challenges and Policies. A PDF of the final book, once published, will be available athttps://openknowledge.worldbank.org/,and print copies can be ordered at www.amazon.com. Pleaseuse the final version of the book for citation, reproduction, and adaptation purposes. © 2025 International Bank for Reconstruction and Development / The World Bank1818 H Street NW, Washington, DC 20433Telephone: 202-473-1000; Internet: www.worldbank.org This work is a product of the staff of The World Bank with external contributions. The findings,interpretations, and conclusions expressed in this work do not necessarily reflect the views of The WorldBank, its Board of Executive Directors, or the governments they represent. The World Bank does not guarantee the accuracy, completeness, or currency of the data included in thiswork and does not assume responsibility for any errors, omissions, or discrepancies in the information, orliability with respect to the use of or failure to use the information, methods, processes, or conclusions setforth. The boundaries, colors, denominations, links/footnotes, and other information shown in this workdo not imply any judgment on the part of The World Bank concerning the legal status of any territory orthe endorsement or acceptance of such boundaries. The citation of works authored by others does notmean The World Bank endorses the views expressed by those authors or the content of their works. Nothing herein shall constitute or be construed or considered to be a limitation upon or waiver ofthe privileges and immunities of The World Bank, all of which are specifically reserved. Rights and Permissions This work is available under the Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO)http://creativecommons.org/licenses/by/3.0/igo. Under the Creative Commons Attribution license, you arefree to copy, distribute, transmit, and adapt this work, including for commercial purposes, under thefollowing conditions: Attribution—Please cite the work as follows: Adarov, Amat, ed. 2025.Accelerating Investment: Challengesand Policies.Washington, DC: World Bank. License: Creative Commons Attribution CC BY 3.0 IGO Translations—If you create a translation of this work, please add the following disclaimer along with theattribution:This translation was not created by The World Bank and should not be considered an official WorldBank translation. The World Bank shall not be liable for any content or error in this translation. Adaptations—If you create an adaptation of this work, please add the following disclaimer along with theattribution:This is an adaptation of an original work by The World Bank. Views and opinions expressed in theadaptation are the sole responsibility of the author or authors of the adaptation and are not endorsed by TheWorld Bank. Third-party content—The World Bank does not necessarily own each component of the contentcontained within the work. The World Bank therefore does not warrant that the use of any third-party-owned individual component or part contained in the work will not infringe on the rights of those thirdparties. The risk of claims resulting from such infringement rests solely with you. If you wish to reuse acomponent of the work, it is your responsibility to determine whether permission is needed for that reuseand to obtain permission from the copyright owner. Examples of components can include, but are notlimited to, tables, figures, or images. All queries on rights and licenses should be addressed to World Bank Publications, The World BankGroup, 1818 H Street NW, Washington, DC 20433, USA; e-mail: pubrights@worldbank.org. Cover image: © Maria Stavreva/Getty Images. Used with the permission of Getty Images. Furtherpermission required for reuse. Cover design: Adriana Maximiliano, World Bank Group. The cutoff date for the data used in the report was August 18, 2025. Summary of Contents Acknowledgments................................................................................................ xvForeword ...........................................................................................................xviiAbout the Authors .............................................................................................. xxiAbbreviations....................................................................................................xxiiiOverviewInvestment in Emerging and Developing Economies ............................3Amat Adarov, M. Ayhan Kose, and Dana VorisekChapter 1Investment Trends, Structure, and Drivers in EMDEs .......................53Amat Adarov and Kersten StammChapter 2The Magic of Investment Accelerations ..............................................97Jakob de Haan, Kersten Stamm,