Concluding remarks
This note defines the meaning of the term ‘inclusive’ growth, and argues that a
program on inclusive growth has a distinct character focusing on both the pace and
pattern of growth. Rapid pace of growth is unquestionably necessary for substantial
poverty reduction, but for this growth to be sustainable in the long run, it should be
increasingly broad-based across sectors, and inclusive of the large part of the country’s
labor force. This definition of inclusive growth implies a direct link between the macro
and micro determinants of growth and captures the importance of structural
transformation for economic diversification and competition.