Leveraging Fiscal Policy for Inclusive Growth [Joint Seminar with IMF]
2 May 2014, 2:00 pm - 3:30 pm, Ceremonial Hall
Rapid economic growth has lifted hundreds of millions of Asians out of poverty and vastly improved the region’s general living standards in the past few decades. As inequality widens, pressures to make the growth process more inclusive are picking up, and there are growing calls for governments to play a more direct role in reducing disparities and helping disadvantaged groups. The main policy tool of government intervention to promote more inclusive growth is fiscal policy—e.g. government spending programs that benefit the poor and progressive taxation to generate sufficient revenue fairly.
The seminar will discuss issues surrounding the relationship between fiscal policy and inclusive growth in developing Asia. For example, is taxation generally progressive? Or, do government programs promote equality? It will also consider the international experience of the relationship between fiscal policy and inclusive growth in advanced countries and Latin America. Advanced countries have a long history of using fiscal policy to reduce poverty and inequality. Latin America too, offers some interesting case studies such as conditional cash transfer schemes. Panelists will consider the policy lessons that can be drawn from local and international experience to guide developing Asia’s policy makers to best leverage fiscal policy for more inclusive growth. Of utmost importance for Asia are inclusion-enhancing fiscal policies that do not compromise fiscal sustainability or economic growth.
Chief Asia-Pacific Economist, Standard & Poor's Ratings Services
Global Head of Macro Research, Standard Chartered
President of the Asian Development Bank and the Chairperson of ADB's Board of Directors
Secretary of State of Finance, Portugal and Alternate Governor for Portugal in ADB
Deputy Managing Director, International Monetary Fund
Moderator: William Pesek