The importance of economic growth cannot be overstated. Income growth is ssential for achieving economic, social, and even political development. Countries that grow strongly and for sustained periods of time are able to reduce their poverty levels significantly, strengthen their democratic and political stability, improve the quality of their natural environment, and even diminish the incidence of crime and violence. Economic growth is not a panacea, but it greatly facilitates the implementation of public programs that complement its effects and correct its deficiencies, even if its direct beneficial impacts are modest.