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Mr. Montfort Mlachila, Rene Tapsoba, and Mr. Sampawende J Tapsoba
This paper proposes a new quality of growth index (QGI) for developing countries. The index encompasses both the intrinsic nature and social dimensions of growth, and is computed for over 90 countries for the period 1990-2011. The approach is premised on the fact that not all growth is created equal in terms of social outcomes, and that it does matter how one reaches from one level of income to another for various theoretical and empirical reasons. The paper finds that the quality of growth has been improving in the vast majority of developing countries over the past two decades, although the rate of convergence is relatively slow. At the same time, there are considerable cross-country variations across income levels and regions. Finally, emprirical investigations point to the fact that main factors of the quality of growth are political stability, public pro-poor spending, macroeconomic stability, financial development, institutional quality and external factors such as FDI.
Mr. Montfort Mlachila, Rene Tapsoba, and Mr. Sampawende J Tapsoba

, while the reverse is observed from the full sample average onwards. This therefore suggests that endowment in natural resources worked more as a curse rather than as a blessing for countries when it comes to achieving a better quality of growth. B. Convergence Hypothesis We first investigate the presence of convergence in the QGI process. To this end, we report in Table 2 below simple pooled OLS estimates linking the change in countries’ QGI to their past QGI. The results show that some convergence is at play in the QGI process. Past QGI performance