Economic growth is required for sustainable social development.
In the last few years, a broader concept of high-quality growth has emerged, namely, economic growth that brings lasting employment gains and poverty reduction, provides greater equality of income through greater equality of opportunity, including for women, and respects human freedom and protects the environment. Controlling inflation can prevent or mitigate real income losses, against which the poor are least protected since their income is often fixed in nominal terms and they tend to hold much of their assets in the form of currency. By promoting the agriculture sector , which employs most of the poor, many developing countries can achieve a lasting reduction in poverty. To achieve progress in these three areas, the main pillars of economic policies include sound macroeconomic and structural policies, with a strong social policy component, and good governance and participatory development. In the absence of these conditions, it is difficult for a country to encourage productive investment or to promote the efficient use of scarce resources, both of which are essential for durable growth.