Closing development gaps: Challenges and policy options

Douglas H. Brooks, Rana Hasan, Jong Wha Lee, Hyun H. Son, Juzhong Zhuang

Research output: Contribution to journalArticle

2 Citations (Scopus)

Abstract

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.

Original languageEnglish
Pages (from-to)1-32
Number of pages32
JournalADB Economics Working Paper Series
Volume209
Publication statusPublished - 2010 Sep 8

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ASJC Scopus subject areas

  • Geography, Planning and Development
  • Economics and Econometrics
  • Political Science and International Relations

Cite this

Brooks, D. H., Hasan, R., Lee, J. W., Son, H. H., & Zhuang, J. (2010). Closing development gaps: Challenges and policy options. ADB Economics Working Paper Series, 209, 1-32.