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Countries in the Global South face mounting economic, social, and environmental pressures due to rapid urbanization and inadequate waste and material management systems. At the same time, the global transition to clean energy has intensified competition for critical materials, raising the stakes for resource efficient development. This paper examines how circular economy (CE) strategies can deliver both environmental and development benefits by creating jobs, improving resource productivity, and reducing waste. Drawing on examples from developing and emerging economies, we identify five pillars of CE transformation and discuss industrial and environmental policy instruments that can enable their implementation. We argue that CE transformation, when embedded in national development strategies, offers a proactive pathway to inclusive and resilient growth in the Global South.