This volume is part of the Asian Development Bank’s policy brief series. It attempts to show that growth is necessary but not sufficient for poverty reduction, especially if the objective is rapid and sustained poverty reduction. Institutions and other factors play a significant role, either directly or indirectly through growth and distribution. The poor could benefit more from growth if institutions and policies are appropriately reformed. On the whole, institutions – governance, policies and socio cultural factors- matter not only to poverty reduction but also to growth.