Six ways to stimulate growth through inclusiveness

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Countries are failing to exploit opportunities to reduce income inequality and poverty without harming growth.

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A key contribution to the Global Challenge Initiative of the World Economic Forum (WEF), the first Inclusive Growth and Development Report, presents a new framework for stimulating growth that translates into broad-based improvements in living standards for all citizens. Countries are failing to exploit opportunities to reduce income inequality and poverty without harming growth. The framework introduces over 140 quantitative indicators across seven pillars and 15 sub-pillars.

 

This online report comes amid increasing concerns about income inequality and its negative social impacts. Countries benchmark their efforts to promote social inclusion in relation to their peers in each area and are divided into four income groups to promote more meaningful comparisons.  The report aims to make discussions about inequality less about aspiration and more about concrete action.

 

Overall, six main findings emerge from the analysis:

 

1. There is room for improvement in all countries—not one country scored above average for its peer group in all 15 sub-pillars and only a few come close.

2. Countries can be pro-inclusive and pro-growth simultaneously—some of the strongest performers in the WEF’s Global Competitiveness Index also have a relatively strong inclusive growth and development profiles.

3. Fiscal transfers can be helpful—but so can other policies.  Many economies with high levels of tax and redistribution are highly competitive, but the use of policies in other areas could reduce the need for these.

4. Effective promotion of social inclusion is not solely a luxury of high-income countries. Some developing countries do better than countries with much higher incomes in areas such as business and political ethics, inclusion into the financial system, and quality and equity in education.

5. There are significant regional similarities—suggesting a strong role in shared culture, historical traditions or politico-economic responses, in areas such as tax systems in Eastern Europe and equity in education in Latin America.

6. The current debate on inequality is too narrow and incisive—focusing on redistribution and upskilling labour—these are only a few of the policy options available to adjust an economy structurally to promote inclusive growth.  Several other key factors can improve the investment and business climate, so it is possible, and even necessary, to be pro-labour and pro-business; pro-growth and pro-equity.

 

With the assistance of LSL World Initiative and its technical partners, funds can be mobilised using domestic resources, such as mobile telecommunications, to promote growth and inclusiveness. National strategic development initiatives, tailored to the local context and operating with revenues generated by a comprehensive suite of micro-contributions levied in key globalised sectors offering the best opportunities in terms of volume, growth and sustainability, can be mobilised for this. 

 

A great number of untapped resources can also be leveraged, with virtually no negative impact on local users and service providers. LSL can make it happen in a secure, sustainable and effective way.

 

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Countries are failing to exploit opportunities to reduce income inequality and poverty without harming growth.

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A key contribution to the Global Challenge Initiative of the World Economic Forum (WEF), the first Inclusive Growth and Development Report, presents a new framework for stimulating growth that translates into broad-based improvements in living standards for all citizens. Countries are failing to exploit opportunities to reduce income inequality and poverty without harming growth. The framework introduces over 140 quantitative indicators across seven pillars and 15 sub-pillars.

 

This online report comes amid increasing concerns about income inequality and its negative social impacts. Countries benchmark their efforts to promote social inclusion in relation to their peers in each area and are divided into four income groups to promote more meaningful comparisons.  The report aims to make discussions about inequality less about aspiration and more about concrete action.

 

Overall, six main findings emerge from the analysis:

 

1. There is room for improvement in all countries—not one country scored above average for its peer group in all 15 sub-pillars and only a few come close.

2. Countries can be pro-inclusive and pro-growth simultaneously—some of the strongest performers in the WEF’s Global Competitiveness Index also have a relatively strong inclusive growth and development profiles.

3. Fiscal transfers can be helpful—but so can other policies.  Many economies with high levels of tax and redistribution are highly competitive, but the use of policies in other areas could reduce the need for these.

4. Effective promotion of social inclusion is not solely a luxury of high-income countries. Some developing countries do better than countries with much higher incomes in areas such as business and political ethics, inclusion into the financial system, and quality and equity in education.

5. There are significant regional similarities—suggesting a strong role in shared culture, historical traditions or politico-economic responses, in areas such as tax systems in Eastern Europe and equity in education in Latin America.

6. The current debate on inequality is too narrow and incisive—focusing on redistribution and upskilling labour—these are only a few of the policy options available to adjust an economy structurally to promote inclusive growth.  Several other key factors can improve the investment and business climate, so it is possible, and even necessary, to be pro-labour and pro-business; pro-growth and pro-equity.

 

With the assistance of LSL World Initiative and its technical partners, funds can be mobilised using domestic resources, such as mobile telecommunications, to promote growth and inclusiveness. National strategic development initiatives, tailored to the local context and operating with revenues generated by a comprehensive suite of micro-contributions levied in key globalised sectors offering the best opportunities in terms of volume, growth and sustainability, can be mobilised for this. 

 

A great number of untapped resources can also be leveraged, with virtually no negative impact on local users and service providers. LSL can make it happen in a secure, sustainable and effective way.

 

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A key contribution to the Global Challenge Initiative of the World Economic Forum (WEF), the first Inclusive Growth and Development Report, presents a new framework for stimulating growth that translates into broad-based improvements in living standards for all citizens. Countries are failing to exploit opportunities to reduce income inequality and poverty without harming growth. The framework introduces over 140 quantitative indicators across seven pillars and 15 sub-pillars.

 

This online report comes amid increasing concerns about income inequality and its negative social impacts. Countries benchmark their efforts to promote social inclusion in relation to their peers in each area and are divided into four income groups to promote more meaningful comparisons.  The report aims to make discussions about inequality less about aspiration and more about concrete action.

 

Overall, six main findings emerge from the analysis:

 

1. There is room for improvement in all countries—not one country scored above average for its peer group in all 15 sub-pillars and only a few come close.

2. Countries can be pro-inclusive and pro-growth simultaneously—some of the strongest performers in the WEF’s Global Competitiveness Index also have a relatively strong inclusive growth and development profiles.

3. Fiscal transfers can be helpful—but so can other policies.  Many economies with high levels of tax and redistribution are highly competitive, but the use of policies in other areas could reduce the need for these.

4. Effective promotion of social inclusion is not solely a luxury of high-income countries. Some developing countries do better than countries with much higher incomes in areas such as business and political ethics, inclusion into the financial system, and quality and equity in education.

5. There are significant regional similarities—suggesting a strong role in shared culture, historical traditions or politico-economic responses, in areas such as tax systems in Eastern Europe and equity in education in Latin America.

6. The current debate on inequality is too narrow and incisive—focusing on redistribution and upskilling labour—these are only a few of the policy options available to adjust an economy structurally to promote inclusive growth.  Several other key factors can improve the investment and business climate, so it is possible, and even necessary, to be pro-labour and pro-business; pro-growth and pro-equity.

 

With the assistance of LSL World Initiative and its technical partners, funds can be mobilised using domestic resources, such as mobile telecommunications, to promote growth and inclusiveness. National strategic development initiatives, tailored to the local context and operating with revenues generated by a comprehensive suite of micro-contributions levied in key globalised sectors offering the best opportunities in terms of volume, growth and sustainability, can be mobilised for this. 

 

A great number of untapped resources can also be leveraged, with virtually no negative impact on local users and service providers. LSL can make it happen in a secure, sustainable and effective way.

 

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