An important part of the smooth transition strategy might be to take stock and plan ahead in terms of the development of productive capacity. There is no single way of doing so but references include:
this Committee for Development Policy Note on Expanding Productive Capacity - Lessons Learned from Graduating Least Developed Countries (PDF) highlights the need for integrated policies across five broad policy areas: (I) development governance; (II) policies for creating positive synergies between social outcomes and productive capacity; (III) macroeconomic and financial policies that support productive capacity expansion and increase resilience to external shocks; (IV) industrial and sectoral policies; and (V) international support.
