Inequality Financial News

International Labour Organisations has projected the global unemployment rate a tad higher at 5.2% in 2024 compared to 5.1% in 2023 and said that working poverty will persist while the income inequality will widen, suggesting a need for greater social justice for a sustainable recovery. In its World Employment and Social Outlook Trends: 2024 report, released on Wednesday, the ILO said labour markets have shown surprising resilience despite deteriorating economic conditions, but recovery from the pandemic remains uneven as new vulnerabilities and multiple crises are eroding prospects for greater social justice. According to the report, both the unemployment rate and the jobs gap rate, which is the number of persons without employment who are interested in finding a job, have fallen below pre-pandemic levels with the unemployment rate at 5.1% last year compared to 5.3% in 2022. “However, beneath these numbers fragility is starting to emerge,” it said, projecting that both the labour market outlook and global unemployment will worsen. “In 2024 an extra two million workers are expected to be looking for jobs, raising the global unemployment rate from 5.1% in 2023 to 5.2%.” As per the report, disposable incomes have declined in the majority of G20 countries and, generally, the erosion of living standards resulting from inflation is, “unlikely to be compensated quickly”. Pointing towards the differences between higher and lower income countries, ILO said the jobs gap rate in 2023 was 8.2%t in high-income countries while it stood at 20.5% in the low-income group.

The letter ‘K’, whose shape is often used to denote a divergence in how the rich and poor are faring, has animated India’s economic discourse of late. Now, SBI Research, a department of the government-run State Bank of India, has weighed in with a report that attempts to debunk the notion of a ‘K-shaped recovery,’ calling this label “ill-concocted" and flawed for overlooking data that points to reduced inequality in what Indians earn, as recorded by the Central Board of Direct Taxes (CBDT).

India's GDP likely to grow by 7.3% in FY24: NSO data SBI indicated that income-tax data, rising female labour force participation and the rising popularity of food-ordering platforms paint a healthy picture of India's growth. Here are five major trends that the SBI report has highlighted about the Indian economy: "The gap between different income levels, measured by the Gini coefficient of taxable income, decreased notably from 0.472 to 0.402 from FY14 to FY22 respectively," the SBI report said.

consumption will be done by 90% of the population at the lower end by the end of the next decade, State Bank of India researchers said in a new report released Friday, pointing to the country bridging the inequality gap in the coming years and dismissing K-shaped recovery as a flawed narrative. The researchers stated that an “additional Rs 8.2 trillion of consumption had moved to the lower end of the pyramid post-pandemic following the saving of expenditure through free food, shelter and medical being provided by the government.” The figure is expected to double to Rs 16 trillion by 2040. Using I-T returns data, SBI economists stated that income inequality has decreased over the last few years and that the K-shaped recovery narrative was false. Inequality, as measured by Gini coefficient, has declined during FY14 and FY22, SBI pointed out, noting that 36.3% of people belonging to the lowest income group in FY14 have since moved up the income value chain. “Our study shows that an individual’s weighted mean income has risen from Rs3.1 lakh to Rs11.6 lakh during FY14-21.

how to distribute finances from wealthy countries, which have been responsible for the vast majority of carbon emissions, to vulnerable nations that are bearing the brunt of their impact. Although those negotiations will be vital for a just transition to a decarbonized global economy, socioeconomic inequalities within borders should receive equal attention.

Social Psychological and Personality Science. Additionally, the researchers highlighted that the variations in sentiment toward AI within partisan media outlets could potentially contribute to divergent public opinions on the subject. "Media sentiment is a powerful driver of public opinion, and many times policymakers look towards the media to predict public sentiment on contentious issues," stated Angela Yi, study author and a PhD student in the marketing department of Virginia Tech Pamplin College of Business.

Much like playing a game of Monopoly, a recent study from Tufts University finds that when people are more wealthy, it’s because they’re lucky — a result of just pure randomness.

Several states in India have collected detailed caste and sub-caste (jati) data over the past few years. Bihar became the first state to publicly release such data when it tabled its caste survey report in the state assembly earlier this month. Despite some complaints about the veracity of the numbers, all political parties seem to have accepted them.

Credit Suisse began compiling estimates of wealth inequality across the globe after the 2008 global financial crash. Its 2023 report combines data from surveys, financial accounts, regulatory information and rich lists to rank countries based on wealth inequality. As in other years, India stands out as a country with an exceptionally high concentration of wealth.

reported Mint. The concentration of PM2.5 exceeded the safe limit of 60 micrograms per cubic metre by 7 to 8 times across various locations which can trigger respiratory and health problems. Anand Vihar station, Punjabi Bagh station, Mundka station recorded AQI levels in ‘severe’ category that is above 400 AQI mark, according to Central Pollution Control Board (CPCB) data, prompting a ban on non-essential construction work and the closure of primary schools in the capital.

fire that is closest to us. But it is equally crucial to understand and address the root causes so that we have fewer fires to fight. As populist forces have polarized electorates and deepening social divides worldwide, the global political climate has grown increasingly volatile.

Congress on Monday charged that the gap between the ultra-rich and the middle class in the country is widening under the Modi government. Congress general secretary Jairam Ramesh said an analysis of the publicly available data on income tax returns for the period 2013-14 to 2021-22 confirms one of the essential themes of the Bharat Jodo Yatra — that of increasing income inequality. «The widening gap between the ultra-rich and the middle class under the Modi government is more and more apparent,» he said in a post on X.

GENEVA (Reuters) — The United Nations trade body called on Wednesday for global growth to be revived by reducing inequalities between countries and for top central banks to play a bigger role in stabilising the world economy.

Rohini Nilekani Philanthropies, said here on Tuesday. “You cannot have societies where wealth is only used to benefit the wealthy. Otherwise, why would societies want to create that wealth?” she said, adding that Indian philanthropists must challenge old ideas and innovate.

Equality Day 2023: The historic day marks the victory of women, who constitute half of the population, to get voting rights in the USA in 1920. On this day, the 19th Ammendment to the US Constitution was officially certified in 1920. The amendment provided women the right to vote.

NITI Aayog released its national Multidimensional Poverty Index (MPI) for 2023. The big takeaway was that between 2015-16 and 2019-21, about 135 million people were lifted out of poverty. A few weeks earlier, PRICE, an independent not-for-profit think tank, released its latest consumer survey.

Too many Americans—and too many American economists in particular—have an unhealthy obsession with the 1%: How much money they make, how much wealth they have, how they got there, how to join their ranks, and so on. Worsening economic inequality is a real problem in the US, and there are understandable reasons for this fixation.

A whopping 80% of American adults believe the financial system favors those with “powerful interests,” while 20% currently own cryptocurrency — a new survey has revealed.

Inflation inflicted misery on pretty much all workers in 2022. Yet peek below the surface, and the year’s most consequential economic development may be what happened between different groups of workers.

Inflation inflicted misery on pretty much all workers in 2022. Yet peek below the surface, and the year’s most consequential economic development may be what happened between different groups of workers.

Inflation inflicted misery on pretty much all workers in 2022. Yet peek below the surface, and the year’s most consequential economic development may be what happened between different groups of workers.