Economic growth should be inclusive, creating opportunities for all. Every individual should have a chance to contribute to growth, independent of background or origins. And each person should be entitled to receive their fair share of the benefits from growth.
Tackling inequalities has become everyone’s business. The private sector in particular has a key role to play, leveraging its ability to create value, jobs and purpose.
The Business for Inclusive Growth (B4IG) Platform, a global initiative managed by the OECD, aims to pool and strengthen efforts by private companies to reduce inequalities linked to opportunity, gender and territory, and to build greater synergies with government-led and philanthropic efforts. In doing so, it will work to bring about a step change in the way growth is pursued and measured.
This is not just good corporate citizenship; it is the future of successful business. Companies benefit from inclusive growth through a more educated and engaged workforce; a larger middle class of consumers with greater purchasing power; more stable operating environments; and a high level of trust from employees, customers and stakeholders.
The G7 Biarritz Summit gives impetus to this effort, catalysing robust action in the private sector, and underlining the importance of strong public-private collaboration to address major economic and societal challenges in G7 economies and beyond.