Summary

This report complements existing literature that highlights the importance of social protection in generating sustainable and inclusive economic growth. The main conclusion of the study is that an additional unit of public expenditure generates nearly one unit, or even more, of real GDP growth, while the effects are significantly greater for the social protection expenditure considered in this report. In particular, an increase in social expenditure can generate returns of up to approximately three times the initial investment over two and a half years. These findings have relevant policy implications not only in the short term, but also highlight the critical importance of social protection in the effective, long-term implementation of a comprehensive, non-discriminatory and gender-responsive social protection system to promote inclusive and sustainable economic growth and enable the achievement of the 2030 Agenda for Sustainable Development Goals.