Inclusive Growth in Zambia
The main purpose of this essay is to discuss the limitations of inclusive growth in Zambia, and it will begin by defining the concepts of inclusive growth and economic growth. The essay will also take into account measures of inclusive growth and go on to evaluate the current state in Zambia by identifying the factors that promote the productivity of growth and the limits of inclusive growth and a conclusion will finally be drawn.
The concept of inclusive growth has been defined by differently by different scholars.
According to Ah and Nwason (2007:12) cited by Chigunta, inclusive growth is defined as, “Economic growth that not only creates new economic opportunities, but also one that ensures equal access to the opportunities created for all segments of society particularly for the poor.” Economic growth is the quantitative increase in the monetary value of goods and services produced in an economy within a specified period of time usually a year. Economic growth is also what is known as the national cake.
Runiyar and Kawbur (2010) cited by Chigunta, defined inclusive growth as growth that includes and extends to pro poor growth. Pro-poor growth is improvement in social opportunities which imply the extent to which opportunities such as access to health or education benefit the poor.
Ah and Zhwang (2007) cited by Chigunta, stated that growth is inclusive when it allows all members of the society to participate in and contribute to and benefit from, the growth process on an equal basis regardless of their individual circumstances.
According to the Commission on Growth and Development (2008) as cited by the Economics Association of Zambia, inclusive refers both to the pace and pattern of growth. Pace and pattern of growth are considered to be interlinked and need to be addressed together and inclusive growth is not only concerned with the rate at which an economy is growing but how the economy is growing.
It is argued that, Inclusive growth is a combination
The concept of inclusive growth has been defined by differently by different scholars.
According to Ah and Nwason (2007:12) cited by Chigunta, inclusive growth is defined as, “Economic growth that not only creates new economic opportunities, but also one that ensures equal access to the opportunities created for all segments of society particularly for the poor.” Economic growth is the quantitative increase in the monetary value of goods and services produced in an economy within a specified period of time usually a year. Economic growth is also what is known as the national cake.
Runiyar and Kawbur (2010) cited by Chigunta, defined inclusive growth as growth that includes and extends to pro poor growth. Pro-poor growth is improvement in social opportunities which imply the extent to which opportunities such as access to health or education benefit the poor.
Ah and Zhwang (2007) cited by Chigunta, stated that growth is inclusive when it allows all members of the society to participate in and contribute to and benefit from, the growth process on an equal basis regardless of their individual circumstances.
According to the Commission on Growth and Development (2008) as cited by the Economics Association of Zambia, inclusive refers both to the pace and pattern of growth. Pace and pattern of growth are considered to be interlinked and need to be addressed together and inclusive growth is not only concerned with the rate at which an economy is growing but how the economy is growing.
It is argued that, Inclusive growth is a combination