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Symposium 2015

Virtual Library File - Inclusive Growth toward a Prosperous Asia: Policy Implications

The Challenge

“Inclusive Growth” refers to sustained economic growth while at the same time improving equal access to opportunities among (groups of) individuals and reducing income disparities (ADB 2011). It ...

“Inclusive Growth” refers to sustained economic growth while at the same time improving equal access to opportunities among (groups of) individuals and reducing income disparities (ADB 2011). It aims to provide different groups of a society with equal opportunities to participate in economic development processes, thus enhancing the living standards and promoting mobility across different social groups. A key driver of future development in the world is “innovation”.

This paper emphasizes two strategic points which are of high relevance for countries implementing policies to strive for inclusive growth. To strive for inclusive growth, it is essential to ensure equal access among individuals to (job) opportunities; and in order to create/maintain job opportunities, realizing a high economic growth is one of the key prerequisites. While the private sector plays a key role in driving economic growth in many countries, governments can support the economic development – particularly in a more inclusive way – by providing/developing a business- and investment-friendly environment to get more individuals and social groups from different social backgrounds involved. For example, governments may invest more in education and healthcare system to, on the one hand, help develop an abundant reservoir of human resources for economic growth and, on the other hand, improve individuals’ conditions of accessing job opportunities.