Madagascar’s per capita income growth since 1960 has been negative. It is hence an example where the quality of growth is unsatisfactory, because the growth rate is too low. The lack of sustained growth spurts is found to be the reason for the poor growth performance, which in turn has been caused by recurring political crises and weather-related shocks. On the other hand, it may be possible to consider inclusiveness as Madagascar’s strength, as evidenced by relatively low inequality and higher human development indicators than its gross national income per capita would suggest.