After decades of relying on market efficiency and openness to drive growth, the experience of repeated shocks from the global financial crisis to the pandemic has revealed the limits of leaving growth entirely to markets. By the early 2020s, governments around the world began pursuing industrial policy more openly, not to replace markets, but to shape them in response to vulnerabilities such as supply disruptions, skills gaps and infrastructure needs. Growth is now being steered toward priority sectors like clean energy, advanced manufacturing and the digital economy through incentives, standards and public procurement, making the business environment more structured and policy-driven. As a result, firms increasingly compete based on their ability to operate within strong ecosystems defined by skills, infrastructure, finance and policy stability rather than simply low costs, meaning commercial success in 2026 depends on policy literacy and a clear understanding of how government priorities shape markets, especially in developing and emerging economies.
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