The World Bank and the OECD jointly launched a new book this week entitled Promoting Inclusive Growth: Challenges and Policies.
This new publication highlights key policy issues that development practitioners face towards achieving Inclusiveness in the Growth Process in their economies, including political economy, financial development, social policies, green growth, fiscal democracy, competition and innovation.
In their presentation, the book’s editors, Luiz de Mello (OECD) and Mark A. Dutz (World Bank), explained that discussions on strong growth typically focus on the pace of economic expansion and the associated improvements in the population’s living standards, whereas those on inclusiveness also delve into the patterns of growth and on how its benefits are shared among the different social groups.
"The chapters of the book take us a step further in understanding what inclusiveness in the growth process entails and how various aspects become decisive in different settings in both developed and developing economies," remarked Mahmoud Mohieldin, Managing Director of the World Bank, who served as chair of the discussion. He was also a member of the recent Growth Commission that the World Bank convened.
An important policy message that underpins the various contributions to this volume is that strong growth is not necessarily inclusive. Inclusive growth puts structural reforms at the core of the debate. As a result, there is much room for policy action in different domains to ensure that pro growth initiatives also foster inclusiveness.
With respect to the ongoing work of the Bank on inclusive growth, Otaviano Canuto, Vice President of the Bank’s Poverty Reduction and Economic Management (PREM) Network explained, “This book is one part of a broader range of analytical activities taking place in the PREM Network to better understand and provide sound policy advice for more inclusive growth.” This includes developing and widely disseminating an array of analytical toolkits, training courses and knowledge products on practical uses of inclusive growth analytics in developing country contexts as global public goods.
The publication of the volume was based on the proceedings of a conference co-organized by the OECD Economics Department and the World Bank’s Economic Policy and Debt Department (PRMED) in March 2011.
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