Asia S Quest For Inclusive Growth Revisited

Despite the rapid economic growth and poverty reduction, inequality in Asia worsened during last two decades. We focus on the determinants of growth inclusiveness and suggest options for reform. A cross cross-country empirical analysis suggests that fiscal redistribution, monetary policy aimed at macro stability, and structural reforms to stimulate trade, reduce unemployment and increase productivity are important determinants of inclusive growth. The main policy implication of our analysis is that there is still room to strengthen such policies in Asia to better achieve growth with shared prosperity. In particular, scenario simulations based on our results suggests that the effect of expanding fiscal redistribution on inclusive growth could be sizeable in emerging Asia, since the estimated improvement in our proxy of inclusive growth – a measure of growth in average income “corrected” for the equity impact—ranges from about 1 to about 8 percentage points.

Despite the rapid economic growth and poverty reduction, inequality in Asia worsened during last two decades. We focus on the determinants of growth inclusiveness and suggest options for reform. A cross cross-country empirical analysis suggests that fiscal redistribution, monetary policy aimed at macro stability, and structural reforms to stimulate trade, reduce unemployment and increase productivity are important determinants of inclusive growth. The main policy implication of our analysis is that there is still room to strengthen such policies in Asia to better achieve growth with shared prosperity. In particular, scenario simulations based on our results suggests that the effect of expanding fiscal redistribution on inclusive growth could be sizeable in emerging Asia, since the estimated improvement in our proxy of inclusive growth – a measure of growth in average income “corrected” for the equity impact—ranges from about 1 to about 8 percentage points.

This book offers a selection of intensely researched essays focused on the critical planning objectives and policy priorities that would enhance the promotion of inclusive growth in a developing country. It has taken Bangladesh as the case study. It argues for rethinking of traditional policies and provides arguments and ways to reorient these toward inclusive growth and better social inclusion. These involve a dedicated focus on employment and inclusion in the design of monetary and fiscal policies, trade and industrial policies, policies toward rural non-farm employment, social protection and safety net strategy and the nature of institutional and governance reforms which are imperative for ensuring inclusive growth. The studies included in the book were prepared before or at the onset of the ongoing COVID-19 pandemic and the unfolding economic crisis; yet they provide cursory observations on its likely impact, and underscore how the stated principles and policies of an inclusive growth strategy have become even more significant in the present situation. Bangladesh has been growing respectably during the past decade and a half and has arguably shown strong progress in several social indicators. However, inequality and vulnerability are rising alarmingly, and the economy is beset with high levels of corruption, as well as with various other governance deficits that can adversely affect future growth and social inclusion. The book provides a critical assessment of how far growth in Bangladesh has been inclusive, both over time, and in comparison to selected South and Southeast Asian countries. It constructs a specific ‘inclusive growth index’ with reference to what the study considers as the significant goals and pillars of inclusive growth. Bangladesh is not the only developing country that is faced with the arduous task of tackling unbalanced economic growth and of implementing the 2030 Agenda. Rising vulnerability, inequality, disappointing job growth and poor governance are also major challenges to inclusive growth for many countries in the Global South. Therefore, the appeal of this book extends well beyond the borders of Bangladesh and the South Asian region. Corresponding to SDG 8, the book is aimed at academia, researchers, policymakers, civil society leaders as well as other national and international development practitioners with an avid interest in issues concerning growth with equity, and in sync with the 2030 Agenda for Sustainable Development. In addition, the book is a valuable resource for interested students of disciplines related to economics and development policy.

Over the past decades ASEAN countries have experienced rapid economic growth accompanied by a dramatic fall in poverty rates, but income inequality has not retreated. This research aims at identifying factors which could contribute to more equally distributed growth in ASEAN. To measure inclusive growth, we use a variable integrating per capita income growth and an equity index. A cross-country panel analysis of the impact of macro-structural factors on inclusive growth and its two components suggests that fiscal redistribution, female labor force participation, productivity growth, FDI inflows, digitalization, and savings significantly drive inclusive growth. A scenario analysis based on our econometric results suggests that the implementation of fiscal redistribution and labor market-oriented structural reforms could help significantly accelerate inclusive growth in ASEAN.

Advocating for the importance of promoting openness in trade, this book highlights China and Peru’s unique relationship to prioritise fair and equitable growth for all.

This paper focusses on income inequality in Asia, its drivers and policies to combat it. It finds that income inequality has risen in most of Asia, in contrast to many regions. While in the past, rapid growth in Asia has come with equitable distribution of the gains, more recently fast-growing Asian economies have been unable to replicate the “growth with equity” miracle. There is a growing consensus that high levels of inequality can hamper the pace and sustainability of growth. The paper argues that policies could have a substantial effect on reversing the trend of rising inequality. It is imperative to address inequality of opportunities, in particular to broaden access to education, health, and financial services. Also fiscal policy could combat rising inequality, including by expanding and broadening the coverage of social spending, improving tax progressivity, and boosting compliance. Further efforts to promote financial inclusion, while maintaining financial stability, can help.

Development of International Entrepreneurship based on Corporate Accounting and Reporting According to IFRS: Part A offers theoretical and methodological insights for tailoring IFRS to evolving needs in global trade partnerships, alongside guidance for integrating IFRS into the management practices of international enterprises.