Highlighting the global unrest despite development efforts of governments, eminent economist Dr Mario Pezzini urged them to rethink strategy in response to public demand.
“Global responses and national reforms must be built on solid evidence of current economic social realities, a better understanding of people’s concerns, and outside-the-box policy solutions,” he said.
Dr Pezzini is Director of the OECD Development Centre and Special Advisor to the OECD Secretary-General on Development. He shared the insights while delivering the CPD Anniversary Lecture 2019 on ‘Perspectives on Global Development: Rethinking Development Strategies’ arranged by the Centre for Policy Dialogue (CPD) at a city hotel on Tuesday.
Dr Pezzini mentioned that GDP-related indicators do not adequately reflect the living standards of people.
“Multidimensional frameworks, such as well-being indicators, draw a better picture of people’s needs, and can therefore be a tool for policymakers to design and implement reforms,” he said.
He noted that defining the right strategic goals and priorities is key for a country’s long-term economic and social performance.
“They should be place-based, reflecting differences in both rural and urban locations, as well as the whole spectrum of a country’s territory. They should also account for interlinks with the global context,” said Dr Pezzini, who was also a Professor in Industrial Economics at the Ecole Nationale Supérieure des Mines de Paris.
The expert also suggested the formulation of global solutions to respond to a number of increasingly shared challenges.
CPD Executive Director Fahmida Khatun and CPD Distinguished Fellow Prof Mustafizur Rahman also spoke at the programme.