Mastercard Perspective: How To Define Inclusive Growth - Seite 2

And if we all manage to drive greater inclusion, many of the speakers said, we could unlock far greater economic prosperity for everyone and build significantly more resilience in communities so they can withstand future challenges.

Here are three takeaways from the event.

01
There's no one way to define financial inclusion and inclusive growth: Financial inclusion is, quite simply, the work of bringing more people into the formal financial system, whether that's giving people access to a bank account, insurance, working capital for their business or the ability to safely send money to family overseas. Inclusive growth, meanwhile, is all about encouraging economic growth that more people can benefit from, not just those at the top of the ladder.

Many speakers at the event shared their takes on both ideas.

Comedian and author Trevor Noah challenged the notion that inclusive growth and financial inclusion are primarily about charity. He said that people being left out of markets is a failing of those markets. When more people are included, that's not inclusive growth, but really "complete growth," he said.

Building on that idea, Washington, D.C., Mayor Muriel Bowser said during a separate presentation that her administration sees inclusive growth as a balance.

"Yes, we want to grow our population. Yes, we want more businesses. Yes, we want more development," she said. "Well, we want the people who have lived here in good times and bad times to be able to afford to live. So what that has meant for us is: How do we grow wages? And how do we build more affordable housing?"

In a speech capping the event, Queen Máxima of the Netherlands said a focus on fostering financial health - encouraging people to save money and avoid excessive debt - was essential to true financial inclusion. "Without financial health we will not be able to do it."

02
Technology directed in the right way can have a big impact on inclusion: A number of speakers mentioned the potentially negative impacts of artificial intelligence, noting the rapid developments of generative AI models like ChatGPT.

But Microsoft Vice Chairman Brad Smith, whose company has invested in OpenAI, the developer of ChatGPT, and provides ChatGPT in its products, shared a much more optimistic view of how AI could be used. He said it could unlock huge benefits for nonprofits, allowing them to deliver programs and measure their impacts much more effectively and at a much lower cost.

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