{
  "title": "The Other Rebalancing: Asia’s Quest for Inclusive Growth",
  "publication": "IMF Blog, October 17, 2011",
  "sourceUrl": "https://www.imf.org/en/blogs/articles/2011/10/17/asias-quest-for-inclusive-growth",
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  "summary": "Growth in most Asian economies over the past two decades has been impressive and higher on average than in other emerging regions, translating into significant reductions in poverty.",
  "sections": [
    {
      "heading": "Poverty reduction and inequality trends",
      "content": "- Growth in most Asian economies over the past two decades has been impressive and higher on average than in other emerging regions, translating into significant reductions in poverty.\n- Asia still remains home to the largest number of the world’s poor.\n- Inequality across the region has increased over the same two decade period, reversing a previous three-decade record of equitable growth in Japan, the newly industrialized economies (NIEs), and the Association of Southeast Asian Nations (ASEAN).\n- The rise in inequality in Asia has been much more pronounced than in most other emerging regions, leaving parts of Asia:\n  - less equitable than the Middle East, and\n  - approaching levels of inequality in Sub-Saharan Africa and Latin America.\n- Rising inequality has dampened the impact of Asia’s fast growth on poverty reduction; in many countries the gap between rich and poor has been growing."
    },
    {
      "heading": "Inclusiveness of growth across countries",
      "content": "- Our analysis confirms that growth has been significantly less inclusive in many Asian economies.\n- Income dynamics by region/group:\n  - The income of the bottom fifth of the population has grown much more slowly than average incomes in China, the NIEs, and South Asia (excluding India).\n  - In India and the ASEAN countries, incomes of the poorest fifth have kept pace with average income growth.\n  - In Brazil, the poorest fifth have seen their incomes rise even faster than average."
    },
    {
      "heading": "Policy challenge and fiscal policy options",
      "content": "- Evidence of the importance of greater income equality for sustained growth makes inclusive growth a priority in regional economic assessments and policy dialogue.\n- The problem is complex and will likely require a set of mutually reinforcing policies; the necessary mix will vary from country to country.\n- Fiscal policy areas highlighted:\n  - The relatively low share of education and health spending in GDP across Asia points to an important potential role for fiscal policy in strengthening inclusiveness.\n  - Conditional cash transfer programs (CCT) are being increasingly used in low-income emerging economies; in Asia, the introduction of a CCT in the Philippines is noted as a welcome development.\n    - By 2012, this program is budgeted to cover 60 percent of the poor."
    },
    {
      "heading": "Safety nets, costs, and additional reforms",
      "content": "- Many emerging Asian economies lack unemployment insurance schemes and have low pension coverage rates:\n  - Less than 20 percent of the working age population is covered in most of emerging Asia compared with an average of 60 percent in OECD countries.\n- Enhancing safety nets would help by:\n  - increasing inclusiveness, and\n  - reducing precautionary motives to save, hence increasing consumption and facilitating global rebalancing.\n- Fiscal cost considerations:\n  - The Bolsa Familia program in Brazil only costs 0.4 percent of GDP.\n  - Recent IMF work on China and Korea argues that a minimum social safety net can be provided at low cost.\n  - Thus, in at least some cases, policies to promote more inclusive growth need not be prohibitively expensive."
    },
    {
      "heading": "Broader strategy and conclusions",
      "content": "- Reforms to social protection schemes, and health and education investment, could be key elements of a broader strategy to reduce the share of vulnerable households in Asia.\n- Such a broader strategy might also include labor, financial, exchange rate and governance reforms.\n- Ultimately, rebalancing the benefits of Asia’s fast growth to make it more inclusive may hold the key to sustaining that growth in the years ahead.\n\nThe Other Rebalancing: Asia’s Quest for Inclusive Growth — Anoop Singh, October 17, 2011.\n\n---\n\n Content in this bundle\n\n- iMFdirect 博客: 另一种调整, 亚洲寻求包容性增长之路, 2011年10月17日\n  - iMFdirect 博客: 另一种调整, 亚洲寻求包容性增长之路, 2011年10月17日 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - iMFdirect 博客: 另一种调整, 亚洲寻求包容性增长之路, 2011年10月17日 (PDF){rel=\"external\" type=\"application/pdf\"}\n- もう一つの再調整: アジアの包括的成長を求めて, 2011年10月17日\n  - もう一つの再調整: アジアの包括的成長を求めて, 2011年10月17日 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - もう一つの再調整: アジアの包括的成長を求めて, 2011年10月17日 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Iii. Asia'S Quest for Inclusive Growth\n  - Iii. Asia'S Quest for Inclusive Growth (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Iii. Asia'S Quest for Inclusive Growth (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\n References\n\n- inequality can be counterproductive to sustaining longer-term growth\n- Regional Economic Outlook\n- recent IMF work on China and Korea\n\nSource: https://www.imf.org/en/blogs/articles/2011/10/17/asias-quest-for-inclusive-growth"
    }
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    "Authors: Anoop Singh",
    "Published: October 17, 2011",
    "Growth in most Asian economies over the past two decades has been impressive and higher on average than in other emerging regions, translating into significant reductions in poverty.",
    "Asia still remains home to the largest number of the world’s poor.",
    "Inequality across the region has increased over the same two decade period, reversing a previous three-decade record of equitable growth in Japan, the newly industrialized economies (NIEs), and the Association of Southeast Asian Nations (ASEAN).",
    "The rise in inequality in Asia has been much more pronounced than in most other emerging regions, leaving parts of Asia:",
    "Rising inequality has dampened the impact of Asia’s fast growth on poverty reduction; in many countries the gap between rich and poor has been growing.",
    "Our analysis confirms that growth has been significantly less inclusive in many Asian economies.",
    "Income dynamics by region/group:",
    "Evidence of the importance of greater income equality for sustained growth makes inclusive growth a priority in regional economic assessments and policy dialogue.",
    "The problem is complex and will likely require a set of mutually reinforcing policies; the necessary mix will vary from country to country.",
    "Fiscal policy areas highlighted:",
    "Many emerging Asian economies lack unemployment insurance schemes and have low pension coverage rates:",
    "Enhancing safety nets would help by:",
    "Fiscal cost considerations:",
    "Reforms to social protection schemes, and health and education investment, could be key elements of a broader strategy to reduce the share of vulnerable households in Asia.",
    "Such a broader strategy might also include labor, financial, exchange rate and governance reforms.",
    "Ultimately, rebalancing the benefits of Asia’s fast growth to make it more inclusive may hold the key to sustaining that growth in the years ahead.",
    "**iMFdirect 博客: 另一种调整, 亚洲寻求包容性增长之路, 2011年10月17日**",
    "**もう一つの再調整: アジアの包括的成長を求めて, 2011年10月17日**",
    "**Iii. Asia'S Quest for Inclusive Growth**",
    "[inequality can be counterproductive to sustaining longer-term growth](http://blogs.imf.org/2011/04/08/inequality-and-growth/)",
    "[Regional Economic Outlook](http://www.imf.org/external/pubs/ft/reo/2011/APD/eng/areo1011.htm)",
    "[recent IMF work on China and Korea](http://www.imf.org/external/pubs/cat/longres.aspx?sk=23533.0)"
  ],
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