Income inequality is on the rise—the richest 10 percent have up to 40 percent of global income whereas the poorest 10 percent earn only between 2 to 7 percent. If we take into account population growth inequality in developing countries, inequality has increased by 11 percent. Income inequality has increased in nearly everywhere in recent decades, but at different speeds. It’s lowest in Europe and highest in the Middle East. These widening disparities require sound policies to empower lower income earners, and promote economic inclusion of all regardless of sex, race or ethnicity. Income inequality requires global solutions. This involves improving the regulation and monitoring of financial markets and institutions, encouraging development assistance and foreign direct investment to regions where the need is greatest. Facilitating the safe migration and mobility of people is also key to bridging the widening divide.
Goal targets By 2030, progressively achieve and sustain income growth of the bottom 40 per cent of the population at a rate higher than the national average By 2030, empower and promote the social, economic and political inclusion of all, irrespective of age, sex, disability, race, ethnicity, origin, religion or economic or other status Ensure equal opportunity and reduce inequalities of outcome, including by eliminating discriminatory laws, policies and practices and promoting appropriate legislation, policies and action in this regard Adopt policies, especially fiscal, wage and social protection policies, and progressively achieve greater equality Improve the regulation and monitoring of global financial markets and institutions and strengthen the implementation of such regulations Ensure enhanced representation and voice for developing countries in decision-making in global international economic and financial institutions in order to deliver more effective, credible, accountable and legitimate institutions Facilitate orderly, safe, regular and responsible migration and mobility of people, including through the implementation of planned and well-managed migration policies Implement the principle of special and differential treatment for developing countries, in particular least developed countries, in accordance with World Trade Organization agreements Encourage official development assistance and financial flows, including foreign direct investment, to States where the need is greatest, in particular least developed countries, African countries, small island developing States and landlocked developing countries, in accordance with their national plans and programmes By 2030, reduce to less than 3 per cent the transaction costs of migrant remittances and eliminate remittance corridors with costs higher than 5 per cent
Toughts & Comments
Goal 10 of the Sustainable Development Goals aims to reduce inequalities within and among countries. Income inequality is increasing globally, with the richest 10 percent earning up to 40 percent of global income while the poorest 10 percent earn only 2 to 7 percent. This inequality is highest in the Middle East and lowest in Europe. To address this, policies are needed to empower lower income earners and promote economic inclusion regardless of sex, race, or ethnicity. Global solutions are necessary, including improving financial market regulation, increasing development assistance, and facilitating safe migration. The goal also includes targets for reducing transaction costs of migrant remittances and promoting equal representation in decision-making.
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