Post by account_disabled on Feb 18, 2024 15:07:19 GMT 10
What exactly is inclusive growth and how to achieve it? These topics were among many addressed during the Global Inclusive Growth Summit. The summit brought together private and social sector leaders, government officials, economists and academics to start conversations and promote change in areas such as the environment and digital inclusion.
The event, hosted by the Mastercard Center Middle East Mobile Number List for Inclusive Growth and the Aspen Institute, focused on the need to address these issues immediately, rather than continuing to delay solutions. We cannot afford to wait any longer to address these critical issues. Immediate action is needed to achieve a fairer and more sustainable future , according to 3BL MEDIA .
What is inclusive growth?
Although economic growth is a necessary condition for reducing poverty and creating jobs, there is the question of whether it is sufficient to achieve these goals. At the start of growth, improvements are seen in poverty reduction and income growth, and more investment is made in health and education, resulting in progress towards the Millennium Development Goals.
However, once this initial progress has been made, new questions about inclusive growth arise. In particular, concerns have been raised that its benefits are unequally distributed, favoring only a few rather than society as a whole.
However, the analysis of the distributional effects of growth is not new and has always been part of the debate on the various consequences of economic development. This debate has given rise to a new concept of inclusive growth that questions whether and how different population groups participate in economic development.
«inclusive growth is an economic development that creates opportunities for all socioeconomic groups of the population and is capable of distributing monetary and non-monetary growth fairly throughout society.»
Organization for Economic Cooperation and Development (OECD).
At its core, the analysis of inclusive growth is about whether and to what extent economic development can go hand in hand with an improvement in the quality of life of all population groups.
Global Inclusive Growth Summit
To talk more about this topic, Lilly Singh, an influential Canadian YouTube personality who has achieved great success through her comedy content and her commitment to gender equality and diversity, and Shamina Singh, president of the Leadership Center Mastercard Sustainability, an organization that works to promote sustainable development and financial inclusion, shared the stage to talk about the topic and how it can be achieved.
According to specialists, achieving inclusive growth involves all people and is a cultural issue. Unlocking economic prosperity is therefore not enough to build more resilient communities that can withstand future challenges. In this context, financial inclusion and inclusive growth are seen as key elements in addressing the economic and social challenges faced by communities around the world.
Address inclusive growth
According to the speakers, there is no single way to achieve inclusive growth, but financial inclusion is one of the paths. Bringing more people into the formal financial system gives them access to a bank account, insurance, working capital for their businesses, or the ability to safely send money to family abroad. This form of inclusive growth encourages economic growth for various people.
"Without financial health we will not be able to do it [achieve inclusive growth]."
Queen Máxima of the Netherlands.
Another conclusion of the specialists is that technology can also have a great impact on inclusion. Microsoft vice president Brad Smith, whose company has invested in OpenAI, the developer of ChatGPT, and which provides ChatGPT in its products, shared an optimistic view of how AI could be used.
He noted that this technology could unlock enormous benefits for nonprofits, allowing them to deliver programs and measure their impacts much more effectively and at a much lower cost.
Michael Miebach, CEO of Mastercard, added that companies today must also consider three factors when developing new technologies: Does it solve a problem for people? Is it inclusive? Is trustworthy?
Samantha Power, administrator of the US Agency for International Development , shared how the Ukrainian government created an app that has grown to include more than 200 government services. That app, called Diia , helped reduce corruption by increasing government transparency and allowing people to inform the government if they have been displaced during the war.
Companies must address a more inclusive world
Financial inclusion is one of the paths to inclusive growth, but it is also important to empower women through education, family planning and access to banking services, which can be personalized according to their needs. Companies should look for ways to make the world more inclusive for more people, such as adding ramps and improving access for people with disabilities, which can also benefit many other people.
The event, hosted by the Mastercard Center Middle East Mobile Number List for Inclusive Growth and the Aspen Institute, focused on the need to address these issues immediately, rather than continuing to delay solutions. We cannot afford to wait any longer to address these critical issues. Immediate action is needed to achieve a fairer and more sustainable future , according to 3BL MEDIA .
What is inclusive growth?
Although economic growth is a necessary condition for reducing poverty and creating jobs, there is the question of whether it is sufficient to achieve these goals. At the start of growth, improvements are seen in poverty reduction and income growth, and more investment is made in health and education, resulting in progress towards the Millennium Development Goals.
However, once this initial progress has been made, new questions about inclusive growth arise. In particular, concerns have been raised that its benefits are unequally distributed, favoring only a few rather than society as a whole.
However, the analysis of the distributional effects of growth is not new and has always been part of the debate on the various consequences of economic development. This debate has given rise to a new concept of inclusive growth that questions whether and how different population groups participate in economic development.
«inclusive growth is an economic development that creates opportunities for all socioeconomic groups of the population and is capable of distributing monetary and non-monetary growth fairly throughout society.»
Organization for Economic Cooperation and Development (OECD).
At its core, the analysis of inclusive growth is about whether and to what extent economic development can go hand in hand with an improvement in the quality of life of all population groups.
Global Inclusive Growth Summit
To talk more about this topic, Lilly Singh, an influential Canadian YouTube personality who has achieved great success through her comedy content and her commitment to gender equality and diversity, and Shamina Singh, president of the Leadership Center Mastercard Sustainability, an organization that works to promote sustainable development and financial inclusion, shared the stage to talk about the topic and how it can be achieved.
According to specialists, achieving inclusive growth involves all people and is a cultural issue. Unlocking economic prosperity is therefore not enough to build more resilient communities that can withstand future challenges. In this context, financial inclusion and inclusive growth are seen as key elements in addressing the economic and social challenges faced by communities around the world.
Address inclusive growth
According to the speakers, there is no single way to achieve inclusive growth, but financial inclusion is one of the paths. Bringing more people into the formal financial system gives them access to a bank account, insurance, working capital for their businesses, or the ability to safely send money to family abroad. This form of inclusive growth encourages economic growth for various people.
"Without financial health we will not be able to do it [achieve inclusive growth]."
Queen Máxima of the Netherlands.
Another conclusion of the specialists is that technology can also have a great impact on inclusion. Microsoft vice president Brad Smith, whose company has invested in OpenAI, the developer of ChatGPT, and which provides ChatGPT in its products, shared an optimistic view of how AI could be used.
He noted that this technology could unlock enormous benefits for nonprofits, allowing them to deliver programs and measure their impacts much more effectively and at a much lower cost.
Michael Miebach, CEO of Mastercard, added that companies today must also consider three factors when developing new technologies: Does it solve a problem for people? Is it inclusive? Is trustworthy?
Samantha Power, administrator of the US Agency for International Development , shared how the Ukrainian government created an app that has grown to include more than 200 government services. That app, called Diia , helped reduce corruption by increasing government transparency and allowing people to inform the government if they have been displaced during the war.
Companies must address a more inclusive world
Financial inclusion is one of the paths to inclusive growth, but it is also important to empower women through education, family planning and access to banking services, which can be personalized according to their needs. Companies should look for ways to make the world more inclusive for more people, such as adding ramps and improving access for people with disabilities, which can also benefit many other people.