The tortoise and the palm tree are not known to be friends. Tall and elegant, palm trees can grow to a height of 200 feet in the Andean mountains of Latin America. Crafty and wise, according to traditional folklore, the tortoise is a small hunch-backed animal that moves very slowly. Unless the palm wine tapper decides to carry one in his bag, the tortoise is never going to be able to scale the summit of a palm tree and to behold the frightful wonder of God’s universe from that peak.
Sadly, the same World Bank forecasts that the tortoise-like pace of economic growth will persist in the coming years, with a projected 2.5 per cent in 2020 and 2.7 per cent in 2021. According to the influentialnewspaper, “Severe instability, interventionism and corruption will be major obstacles to economic development over 2020-24”.
In our day and age, growth is not synonymous with development. Growth refers to structural transformation that enhances livelihoods and higher quality of life. Sustained growth levels are good for the economy because they put the national production system in full throttle, generating higher incomes and boosting aggregate demand.
Thinking of equity in sustainable growth requires us to focus on three forms of equity: vertical equity, which refers to the relationship between the rich and the poor and across the various segments and classes of society; horizontal equity, which seeks to improve the relations between various groups and regions within a country; and intergenerational equity, which refers to the obligation of present generations to utilise the country’s national patrimony and in a manner that leaves something...
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