CRIENGLISH.com Web Editor: Ding Heng
It has been universally accepted that the global wealth gap poses a growing challenge to the world economy. The recent G20 Finance Ministers' meeting in Turkey for the first time expressed its concerns over widening income gap. Other global Organizations, such as the OECD, or Organization for Economic Cooperation and Development and Oxfam, voiced similar concerns. In one of its recent reports, the OECD says there is concrete evidence that worsening income inequality affects the global economy. This is mainly due to insufficient investment into human capital by lower income families.
So how do experts assess the cause and consequences of global widening income inequality? How can we reverse it?
Ni Hao, you're listening to People In the Know, presenting you with insights into the headlines in China, and around the world, I'm Zheng Chenguang in Beijing.
We speak to Professor Branko Milanovic, former lead economist at the World Bank and an affiliated senior scholar at the Luxembourg Income Study Center, and Michael F. Forster, Senior Policy Analyst at the "Income Distribution and Poverty" branch of the OECD, based in Paris.