"Why inclusive growth matters" – PNoy
by FFE PH News staff
President Aquino pointed out the importance of inclusive growth to a country’s economy in his statement last Sunday at the APEC CEO Summit in Bali, Indonesia.
“Inclusiveness matters because it ensures the stability of societies, and consequently the stability of growth,” Aquino said.
The president said that inclusive growth has become an appealing model for the modern economic global economy. He pointed out that the poor, marginalized, and disenfranchised across the globe had come together and clamored for change because of the unequal distribution of wealth and opportunities in their society.
“Their message: While high rates of economic growth and increased trade and investment remain necessary, these are no longer the sole measure of success for a progressive society,” said Aquino.
Because of this trend, Aquino said that the challenge for governments has deepened.
“When in the past we gravitated towards metrics that reflect merely the wealth collectively amassed by an economy, more and more the task of governments has become ensuring that this wealth is not concentrated in the hands of the few, but rather that it is equitably utilized to raise levels of human development,” Aquino said.
But Aquino said that the challenge to achieve an inclusive growth is not only tasked to the government but should be a ‘whole-of-society approach’. This includes the private sector and the international business community.
At the end of his statement, the president expressed confidence that equal opportunities to every citizen will be seen in the future.
“This is the crossroads that every economy—indeed, the entire global economy as a collective—has come to face, and I am confident that, collectively too, as humanity always has, we will rise to this challenge,” Aquino said.
Aquino will be at Bali until today, 8 October, and will head to Brunei on Wednesday, 9 October to attend the Association of Southeast Asian Nations summit.