This paper traces the strategies adopted by the rapidly growing and industrialising and more recently industrialised countries in East Asia, and large BRICM economies comprising Brazil, Russia, India, China and Mexico in Asia and Latin America, as well as some well performing economies like Mauritius and Botswana in Africa. The rise of these 15 odd economies which account for over 50 per cent of the developing world’s population, about 75 per cent of its GDP, and almost all of its merchandise exports is noteworthy. The strategies of many of these countries which have had the highest rates of growth of over 5 per cent per annum for all or most of the last two to three decades is also revealing and has lessons for rest of the developing world. This paper seeks to provide a basic cross-country perspective from these economies and draw learnings for developing countries as well to under-pin future research. Importantly, the paper also distinguishes the strategies of the relative under-performers like Brazil, Mexico and Russia from that of other performing economies. Apparently, the required structural transformation of the economy and evolution of a wide mix of competitive manufacturing and services sector industries is yet to occur in this basket of countries. Notably, resource-rich countries like Brazil and Russia have not efficiently deployed the rents accrued from commodity exports towards developing competitiveness in manufacturing or services. This is unlike similar resource-rich economies like Botswana and Mauritius. The case illustrations reveal that apparently, developing countries need to deploy the guiding hand of the government in creating an enabling business environment including apt macro-economic policies, investment in secondary and tertiary education and infrastructure through apt fiscal policies, as well as technological capability through favourable trade liberalisation, investment, fiscal and monetary policies channelled towards specific sectors and value chain activities. The importance of functioning institutions is also emphasised. These are some of the underlying determinants for economic and industrial growth of the Third World. Today, it may be harder for developing countries to replicate the success of the high performing East Asian countries or even that of the large BRICM economies in the light of the prevailing WTO and IMF regime. Nevertheless, investment and technology are increasingly becoming the determinants of competitiveness, and difficulties in acquiring and absorbing them is affecting the sustained growth and competitiveness of many developing countries, but for the exceptional few. In this setting, this paper draws lessons and presents options for other countries of the developing world. Export orientation and liberalisation of investment and trade flows have served as a thrust of the success story of Asian Tigers and some BRICM economies like China. Criticality of technology flows in terms of FDI and investment in development of domestic technology capabilities is evident, as is the guiding hand of policy and integration with global value chains. The paper also highlights the role and growth of clusters strongly embedded within the rapidly growing economies which have evolved to be centres of excellence propelling the domestic manufacturing and services sectors.