Global investment is rising again. But it's becoming more concentrated, more selective and less accessible to many developing countries.

The recovery remains fragile. Growth is concentrated in a small number of economies and in capital- and technology-intensive sectors.

Governments are responding with more selective policies. Incentives increasingly target clean energy, digital infrastructure, advanced manufacturing and critical minerals. Screening and conditions on foreign firms are also expanding.

Investment patterns are reshaping global production. Greenfield investment in strategic sectors is rising, while investment in manufacturing outside them is declining. The shift favours economies with strong infrastructure, skilled workers, supplier networks and access to major markets.

Most developing countries can't match the subsidy programmes of major economies. They need realistic entry points, stronger foundations and regional cooperation to compete and increase investment's development impact.

Report by the World Bank