Abstract: After the world witnessing financial crisis some people would definitely say growth has been elusive. But ‘elusive’ might not be the proper word to describe such a situation. The Asia-Pacific is booming with economic growth but will it sustain? And what about Africa and parts of the middle-east? Why hasn’t the region seen much of an economic growth? The society has come up with numerous answers to such questions but often forget to implement the solutions to them. Whatever the solution or solutions maybe they always tend to hover around two fundamental terms of modern day economics, ‘sustainable’ and ‘inclusive’.
Yes, rapid and steady growth has not been seen in most parts of the world rather growth has shaken the different economies of the world with surprising unprecedented shocks. Global GDP is hovering somewhere around 3.0-3.5% and the World Bank suggests a global growth rate below 3.0%.
The world seems to be running after growth, but the main question of concern is why can’t growth be sustained? Efforts have to be taken so that the highly sought-after factor ‘growth’ can be boosted and be used in each and every possible way to counter the slowdown of markets around the globe and ensure the whole of humanity is benefited.
This paper focuses on the importance of inclusive growth and how it can be achieved complemented by sustainable growth. The rush for economic growth has led to an increase in wealth for a large number of people all across the globe. Despite substantial increase in global economic output there is ample evidence that the different economic systems around the globe are boosting inequalities, rather than reducing them. The International Monetary Fund, suggests that substantial rise in income inequalities have led to both economic and social unrest.
Keywords: Inclusive Growth, Simple Growth, Sustainable Development, Autonomous Investment, Induced Investment, Public-Private Partnership, International politics, Corporate Social Responsibility, Universal Basic Income.
Title: Global Inclusive Growth for Sustainable Development: A New Approach
Author: Sayan Guchait
International Journal of Social Science and Humanities Research
ISSN 2348-3156 (Print), ISSN 2348-3164 (online)
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