Developing countries have achieved steady poverty reduction in recent years. This achievement involves robust economic growth in a number of these economies. Translating fast economic growth into poverty reduction, however, requires putting into place policies and institutions that promote sustainable and shared economic growth process. The degree of success in poverty reduction depends largely in balancing the process of economic growth and judicious pattern of income distribution so that an increasing share of the population benefit from the growth process and engage in more productive endeavors. Building the necessary policy and institutional framework to promote sustainable and shared economic growth are central in generating a process of economic growth that could steadily reduce the scope and depth of chronic poverty in developing countries. The study argues that a large number of developing countries have failed to achieve both growth and equitable distribution of income that hampered their effort for sustainable poverty reduction.