INCLUSIVE GROWTH AND THE FREEDOM OF THE POOR

Abstract

This article provides a discussion of economic growth and development, including new perceptions that have arisen. It covers the trending issues of inclusive growth, global poverty and the miraculous economic growth of the East Asian economies. The article identifies the major determinants of economic growth and the key objectives of economic development. It also acknowledges the fact that inclusive and sustainable economic growth is crucial for long-term poverty reduction, and that for growth to be effective in reducing poverty it must be broad-based, targeting the poor or those formerly bypassed by development. Although most regions of the world are achieving rapid economic growth, poverty, unemployment and food shortages seem to be persisting. Inequality and social exclusion are even rising in many countries. Women remain most affected globally in all forms of afflictions. Despite the global advocacy for inclusive growth by the World Bank, IMF, WTO , WHO and OECD, many developing countries are yet to appreciate the concept and to achieve holistic sustainable growth that benefits all people. Asia seems to have witnessed more stable and inclusive growth than other developing regions in the past four decades.