Quality Of Growth

18 July 2008-Bangkok, Thailand- Children in kindergarden,  Photo Credit: Kibae Park

Rising inequality, persistent poverty, protracted unemployment, worsening energy, food and commodity price volatilities, and an urgent need to address climate change and resource constraints, are some of the signs that conventional economic growth strategies are no longer sustainable. Achieving sustainable development will depend on improving the quality of economic growth - transforming a “vicious cycle of exploiting human and natural capital to create a “virtuous cycle” driven by investment in human and natural capital and that replace trade-offs between the three dimensions of sustainable development into synergies with people at the center of development.

Conventional growth paradigm that focuses on short term maximization of output or GDP by exploiting human and natural capital is in fact undermining the basis of long term economic growth. A new growth paradigm focusing on improving economic, social and ecological qualities of growth by investing in human and natural capital will in the long run sustain stronger economic dynamism, social inclusion and ecological sustainability and deliver even higher quantity of economic growth and jobs necessary to make progress towards post-2015 development agenda and sustainable development goals.