CITN Harps on Economic Growth, Sustainable Devt

Chinazor Megbolu theme; ‘Inclusive Economic Growth and Sustainable Development: Fiscal Imperatives, Prospects and Challenges’.

He explained that it is globally acknowledged that economic development requires sound foundations.

“Economists are also not unaware that economic growth and economic development are not synonymous, and inequality could be a barrier for growth, “he said.

He also pointed out that economic growth is a narrower concept than economic development.

According to him, while economic growth is qualitatively measured by an increase in a nation’s gross domestic product (GDP), economic development is qualitative, which is measured by an increase in the per capita income of the citizenry as well as their standard of living.

Speaking further, he stressed that it is obvious that various governments have done so much in the area of evolving a viable tax system as a panacea for economic growth and development.

“It is, however, unfortunate that these measures are yet to be truly translated to better living conditions for majority of our citizens in addition to giving the nation a strong economic footing,” he said.

Dike averred that CITN is statutorily obliged to initiate programmes and discussions that would not only help in critically addressing these issues but would also find solutions to the numerous problems bedeviling the economy.