Leaders in government, academia, NGOs and the private sector all agree on the critical need for economic growth in every part of the world. But economic growth must be inclusive. It should lift the prospects of every segment of society. It should not create wealth for one segment at the expense of another.
Economic growth and rising quality of life must go hand in hand. Without sufficient inclusive growth the middle class will remain small and inconsequential, their domestic consumption stunted, and the life chances of the vast majority of their citizens unnecessarily curtailed.
I am very excited that MasterCard has established the Center for Inclusive Growth. The Center will house our efforts to deliver valuable and timely research as well as focus our strategic philanthropic investments to further sustainable and equitable economic growth and financial inclusion.
We did this because we know that the only way to create sustainable economic growth is through the inclusion of all individuals, all communities and all countries.
And we did this because we can’t ignore that over one billion people live in extreme poverty and 2.5 billion adults – half of the world’s adult population – remains excluded from the financial mainstream. For those, financial inclusion provides the opportunity to join the financial mainstream, participate in the global economy, and build more self-determined lives.
Canadian author William Gibson once said: “The future is already here—it’s just not evenly distributed.” Today, we have a once-in-a-generation opportunity to define the future – more evenly and more equitably and in a way that’s more sustainable and prosperous, lifting more people up, instead of leaving them behind.
I look forward to continuing a dialogue with all interested stakeholders through the MasterCard Center for Inclusive Growth.
The post Economic Growth is Not Enough – It Must be Inclusive appeared first on Cashless Pioneers Blog I MasterCard Social Media Newsroom.