The case for inclusive growth – Joseph F.X. Zahra

Imagine an economy that grows while creating opportunities for all through a fair distribution of income. This is inclusive growth. The October international convention of the Centesimus Annus Pro Pontifice Foundation addressed how inclusive growth can eradicate poverty while promoting sustainable development and peace – an interesting theme against the background of rising economic inequality accelerated by the pandemic, and the rising cost of living which are having serious effects on human and social well-being.

Pope Francis has been a leading proposer for a different economic model that creates opportunities for all. In his address to the delegates of the convention, he quotes St Paul VI in Populorum Progressio, that “development cannot be restricted to economic growth alone”, but to be authentic it must “foster the development of each person and of the whole person”.

The key point here, Pope Francis says, is that the “gaze” of business should not be turned only on oneself in the pursuit of the maximisation of profit, but to look at the broader objective which allows a dignified life through work. The growth of wealth on its own increases inequality and creates new forms of...