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Inclusive Growth toward a Prosperous Asia: Policy Implications

Author

Listed:
  • Ifzal Ali

    (Asian Development Bank)

  • Juzhong Zhuang

    (Asian Development Bank)

Abstract

Developing Asia is embracing inclusive growth as a key development goal in response to rising inequalities and increasing concern that these could undermine the very sustainability of Asia's growth. This paper argues that inclusive growth emphasizes creation of and equal access to opportunities; and that unequal opportunities arise from social exclusion associated with market, institutional, and policy failures. A development strategy anchored on inclusive growth is outlined, consisting of two mutually reinforcing strategic pillars of high and sustainable growth to create economic opportunities, and social inclusion to ensure equal access to opportunities. This will enable developing Asia to accomplish the agenda of eradicating extreme poverty and, at the same time, address the development challenge brought about by rising inequalities. It is argued that the Asian Development Bank (ADB) should respond to the emerging needs of developing Asia by adopting inclusive growth as its overarching goal. This goal, if adopted, will require ADB to modify its corporate strategy, including its vision, mission, strategic pillars, and core operational priorities. Implications for ADB's country and regional operations are discussed.

Suggested Citation

  • Ifzal Ali & Juzhong Zhuang, 2007. "Inclusive Growth toward a Prosperous Asia: Policy Implications," ADB Economics Working Paper Series 97, Asian Development Bank.
    • Handle: RePEc:ris:adbewp:0097
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    References listed on IDEAS

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    1. World Bank, 2001. "World Development Report 2000/2001," World Bank Publications - Books, The World Bank Group, number 11856, April.
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    1. repec:idn:journl:v:18:y:2015:i:3b:p:281-306 is not listed on IDEAS
    2. Hyojung Kang & Kshitiz Shrestha & Jorge Martinez-Vazquez, 2026. "When Does Fiscal Decentralization Lead to Inclusive Growth?," International Center for Public Policy Working Paper Series, at AYSPS, GSU paper2611, International Center for Public Policy, Andrew Young School of Policy Studies, Georgia State University.
    3. Raifu, Isiaka Akande & Afolabi, Joshua Adeyemi & Kumeka, Terver Theophilus, 2026. "Testing Causal Relationship between Institutional Quality and Inclusive Growth: Evidence from Panel Causality Tests," MPRA Paper 128141, University Library of Munich, Germany.
    4. Etensa, Tesfaye & Alemu, Tekie & Yayo, Mengesha, 2025. "Modeling energy prices and inclusive growth in Sub-Saharan Africa: Potential transmission pathways," Utilities Policy, Elsevier, vol. 97(C).
    5. Mirjalili, Seyed hossein & safari, omid & mohseni, amin, 2018. "بررسی عوامل مؤثر بر رشد فراگیر کشورهای منتخب سازمان همکاری اسلامی [Determinants of Inclusive Growth in Islamic Countries]," MPRA Paper 125507, University Library of Munich, Germany, revised 09 Apr 2018.
    6. Sayeed Aboobakr Milanzi & Binganidzo Muchara, 2024. "Exploration of the relationship between economic development and inclusive growth in South Africa," Journal of Economic and Social Development, Clinical Journals Press, vol. 11(02), pages 01-10.
    7. Habeenzu, Lennon Jambo, 2023. "Determinants of Inclusive Growth in Zambia," African Journal of Economic Review, African Journal of Economic Review, vol. 12(01), March.
    8. Ouni, Manel & Mraihi, Rafaa, 2025. "Air transportation and inclusive growth in Tunisia: Evidence from Autoregressive Distributed Lag and wavelet coherence approach," Journal of Air Transport Management, Elsevier, vol. 128(C).
    9. Yingchao Xu & Lu Li & Shujian Xiang, 2024. "Performance evaluation of inclusive green growth in China: Dynamic evolution, regional differences, and spatial correlation," PLOS ONE, Public Library of Science, vol. 19(7), pages 1-24, July.

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    More about this item

    Keywords

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    JEL classification:

    • O15 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East

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