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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

’ calculations The sample average QGI score is underlined by the red horizontal and vertical lines reprensenting the QGI values of the initial period and the final period, respectively. The dashed line represents the 45 degree line; the higher above this line, the greater the improvement in the level of the QGI. The intersection of these three lines yields 6 non-overlapping regions. It is worth mentioning that virtually all the countries have improved their quality of growth over the past two decades. Region 2 includes countries whose QGI scores in the starting period as