Economic Development

Abstract

This chapter addresses economic development. Unfortunately, there is a stunning reversal in the trajectory of poverty due to the pandemic. The number of people living in extreme poverty is growing for the first time in three decades. Rising inflation and the effects of the Russian invasion of Ukraine are likely to exacerbate the poverty crisis. Gender and racial inequities continue to be a steady drag on economies. Global migration, driven by the effects of climate change and geopolitics, will increase. This chapter shows that instead of rejecting people, businesses and society will benefit by making it possible for each person to contribute. Companies, with nonprofits, train, prepare, and employ people from marginalized communities. And the mobile money innovation has drawn tens of millions of people in the Global South into the economy. For companies, alleviating poverty presents opportunities, while also addressing a pernicious social issue. By helping to advance people from extreme poverty to the middle class, businesses promote their strategic growth through access to new markets, workforce development, innovation, and product distribution. Inclusion is an imperative and an opportunity. By appreciating the value that all people can contribute, and creating systemic pathways for each person to achieve their potential, companies will help create a more prosperous future for all.