SUSTAINABLE AND INCLUSIVE GROWTH: BRIDGING ECONOMIC PROGRESS WITH SOCIAL EQUITY AND ENVIRONMENTAL STEWARDSHIP
Keywords:
Economic Growth, Social Inclusion, Environmental Protection, Equity, GDP growth, DevelopmentAbstract
This article explores the concepts of sustainable development and inclusive growth, crucial paradigms in contemporary economic planning that strive to balance economic expansion with social equity and environmental protection. Sustainable development is framed within a three-pillar approach—economic growth, social inclusion, and environmental sustainability—emphasizing the necessity to meet present needs without compromising future generations. Inclusive growth focuses on reducing inequalities in income and welfare, ensuring that economic progress is accessible and beneficial to all societal segments, thereby enhancing the overall quality of life and social justice.
The interplay between sustainable development and inclusive growth reveals a symbiotic relationship; sustainable practices incorporate social equity, resonating with inclusive growth principles, which in turn, foster sustainable outcomes by addressing social inequalities and improving living standards. This article also reviews global efforts to quantify and encourage inclusive growth, particularly through the introduction of the Inclusive Development Index (IDI) at the World Economic Forum, which marks a significant shift towards recognizing and measuring economic success beyond GDP growth to include factors related to social and environmental sustainability[1].
Through a comprehensive examination of the underlying principles, objectives, and global implications of sustainable and inclusive growth, this article underscores the importance of these concepts in guiding national and international policy and strategy formulation. It argues that achieving a balance between economic growth, social justice, and environmental protection is imperative for ensuring long-term societal and economic sustainability.
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