Macroeconomic Outlook 2019

There is no overstating how the rise in poverty incidence has trailed economic growth in most developing economies where noticeable economic growth rates led to negligible improvements in the welfare of the masses. In essence, quite limited economic opportunities are created because the growth process eludes the larger portion of the population. When economic growth lacks inclusiveness, it exhibits lean economic opportunities, high unemployment rate, and widespread poverty incidence. The resultant effects, thus, further reinforce socio-economic exclusion and widening poverty gap.

Since the growth process is not broad-based, the capacity to create economic opportunities, reduce poverty, improve welfare and engender social inclusion becomes limited. This adverse reality, which has become the new normal, has challenged the long-held conventional growth tenets and paradigm where mere growth rate in output is implied for the common welfare. Emphasis on the growth of economic output without proper articulation and underscoring of its process, scope and depth ultimately deliver a jobless growth as currently being experienced in most developing countries. Hence, inclusive growth model, anchored on answering the question of “growth for who?”, has attracted considerable attention in the development space.

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2019_macroeconomicOutlook-1.pdf (737 downloads)

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