This article examines the effect of economic vulnerability on inclusive growth across 49 developing countries from 1991 to 2020, focusing on the mitigating role of agricultural structural changes. Then, our study first constructs an inclusive growth index using Principal Component Analysis (PCA). Finally, we estimate the effect of economic vulnerability on this index, taking into account the role played by agricultural structural transformations, using the Generalized Method of Moments (GMM). The findings reveal that economic vulnerability hurts inclusive growth. However, agricultural structural changes significantly mitigate these adverse effects. To strengthen inclusive growth in developing countries, policymakers are advised to promote agricultural structural reforms to reduce economic vulnerability, implement development strategies that integrate resilience to external shocks, and invest in technological advancements to boost agricultural productivity.
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