Report of the NEAT Working Group Meeting on
"Sharing the Experiences of Inclusive Growth"
28 June 202 (Thursday)
Co-hosted by NEAT SIngapore and NEAT Indonesia
“Economic growth” is commonly defined as increases of a country’s GDP (gross domestic product) over time. “Economic development” carries a broader meaning. Apart from achieving GDP/GNP growth, successful economic development will also have to satisfy the basic needs of the people in terms of employment, income distribution, poverty elimination and balanced regional development.
Many developing countries have experienced “economic growth” but without “development” as their economic growth process has been accompanied by rising income inequalities and other acute socio-economic problems.
Accordingly, policy makers today are focusing on the new development strategy of “inclusive growth”, which targets the development process, beyond GDP increases, at meeting broader social objectives, ranging from the satisfaction of the people’s basic needs and greater income equality to better environmental protection.
For the full text of the report, click here.