Closing Development Gaps: Challenges and Policy Options
Douglas H. Brooks,
Jong-Wha Lee (),
Hyun H. Son and
Juzhong Zhuang ()
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Douglas H. Brooks: Asian Development Bank, http://www.adb.org/Documents/Periodicals/ADR/ADR-Vol27-2-Brooks.pdf
Hyun H. Son: Asian Development Bank
Asian Development Review, 2010, vol. 27-2, issue 2, 1-28
There are significant income and nonincome development gaps around the world. Closing these gaps will require not only increasing and sustaining economic growth in low-income regions, but also policies that close nonincome development gaps directly. Governments need to support private investment and entrepreneurship by investing in human capital and infrastructure; developing the financial sector; improving governance; and eliminating other impediments created by market, institutional, or policy failures. Policy makers should improve access to and quality of health, education, and other social services. This means better targeting and increased public spending on social services that directly benefit the poor; innovative delivery mechanisms informed by rigorous evaluation; and social protection systems. The experience of developing Asia and others has shown that external trade and finance—including foreign direct investment, remittances, and aid—play a critical role. It is therefore imperative that governments continue to promote globalization and regional integration.
JEL-codes: D60 F10 F21 F35 O10 O15 O16 O20 O24 (search for similar items in EconPapers)
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