DUBAI, (Pakistan Point News - 17th Oct, 2023) The concept of growth must be redefined to encompass social progress as well as economic expansion, the Annual Meeting of the Global Future Councils heard today.
The prevalent belief linking prosperity directly to economic growth has dominated global dialogues for decades. However, this paradigm was critically examined in a session titled 'What Kind of Growth Do We Need to Sustain Our Future?'.
Panelists included experts from the Organisation for Economic Co-operation (OECD), Center for Global Development, London business school and the Austral University of Chile.
Kumi Kitamori, Deputy Director of Environment Directorate at the OECD, highlighted the pressing need for growth that is not only economically beneficial but also inclusive.
She emphasised the urgent demand for climate action that simultaneously avoids social disruption.
Kitamori said: “We do need [economic] growth, but it’s the quality of growth that matters; it has to be inclusive. A lot of the focus of policy analysis is needed to look at the interface and interplay of inclusiveness, going green, and low carbon.”
Alex Edmans, Professor of Finance at London Business School, shared his perspective on the necessity for growth in human, social, and financial capital.
He emphasised the need for a long-term mindset and a redefined approach to growth that encompasses more than just economic advancement.
Edmans said: “We need growth in social value, not just economic growth; we need to redefine the term. We need a more holistic approach to what growth is, and we need to think long-term; what we think of as externalities are actually internalities.”
Masood Ahmed, President of the Center for Global Development, underscored the imperative to rethink the nature of growth and its redistribution. Drawing attention to the discrepancies between developed and developing nations, Ahmed insisted on consensus-building and recognising the importance of individual behaviour in driving policy change.
Ahmed said: “Over the last 70 years, we have seen great improvement in the human condition; now the question is the way we have achieved this. Today, we are not spreading the benefits of economic growth; some people are being left behind. We need to change the nature of growth and rethink how we can redistribute the benefits of growth - we need to have difficult conversations on what vision we want for the future and also about how to make tradeoffs to achieve it.”
Sandor Mulsow, a Tenure Professor at the Austral University of Chile, provided a radical perspective on redefining growth. He discussed the urgency of addressing inequalities and the need for a more sustainable approach to development that serves all species on the planet.
Muslow said: “We need to be radical; we always have the solution, but our hands are tied by greed. Whatever we do, we need to do it with the best intentions for all our species, not just humans. All of them deserve a good planet. I want a slower rate of growth going forward. I want a society where we only work 4 hours a day, that will take 50 percent of the pressure off every natural asset in the world. GDP is not the way to measure growth.”
The WEF Annual Meeting of the Global Future Councils 2023, taking place from the 16th to18th October in Dubai, is a critical opportunity for experts from around the world to meet and collaborate on solutions that will improve economic growth and human development.
