By leveraging large language model techniques, this paper expands the New Industrial Policy Observatory dataset spanning 2009 to 2023. The analysis by IMF authors reveals broad global adoption of industrial policies via subsidies and trade restrictions following the Great Financial Crisis. A distinct structural shift occurred around 2020, marked by accelerated intervention. While climate and competitiveness remained key objectives, newer policies increasingly prioritized supply chain resilience, national security, and geopolitical concerns. Targeting strategic sectors—including dual-use items, advanced technologies, and critical minerals—this post-2020 surge has been largely propelled by heightened geopolitical risks and tit-for-tat retaliatory measures, extending support beyond sectors of existing comparative advantage.
