The terms “economic growth” and “economic reform” are often used interchangeably in public discourse. For instance, many governments in developing countries put forth numbers resulting from exogenous growth as evidence of successful economic reforms. But in reality that growth often reflects the income derived from exports of high-priced natural resources rather than improvements in domestic productivity or institutional reform. In other words, the institutional core of how the economy operates remains untouched. True economic reform, on the other hand, involves transformation on a much deeper level that allows the private sector to operate more freely, stimulates entrepreneurship, and makes the governance process more transparent and accountable. This in turn leads to sustained economic growth and development.