Let me briefly elaborate on the thinking behind these three pillars. All around the world, experience has shown that growth is the most powerful weapon in the fight against poverty. Without sustainable economic growth, we can not achieve sustainable poverty reduction. Economic growth can reduce poverty by generating employment and income. Growth also expands public revenues that could be used for better basic infrastructure and social services, of which the poor are in desperate needs.
Growth can lift many more people out of poverty if it is pro-poor and sustainable.
But economic growth alone is not sufficient for poverty reduction. Growth can effectively reduce poverty only when accompanied by a comprehensive program for social development. Social development should accompany economic growth in order to reduce poverty effectively. Likewise, good governance is essential for poverty reduction. It improves formulation and implementation of policies as well as sound macroeconomic management, thereby contributing to the first pillar of pro-poor sustainable economic growth.