Description

This book argues that structural change (reallocation of resources across sectors and higher diversification and sophistication of production and exports) is the key to sustained and fast growth in developing Asia. However, fast structural change often leads to higher unemployment. For this reason, the book details a host of policy prescriptions—taken collectively to produce "inclusive growth"—aimed at fostering full employment, as the most direct way of improving the well-being of the people, especially the most disadvantaged. To achieve inclusive growth, governments must commit efforts and resources to pursue full employment. The latter delivers great benefits, including higher income and taxes; and reduces poverty and misery.