World Economic Forum in Davos: Technology Revolution May Increase Global Inequality

BEIJING, Jan. 20 (Upi) — Global inequality will worsen unless governments do more to ensure that those most affected by rapid technological change are not abandoned and forgotten,media reported.

World Economic Forum in Davos: Technology Revolution May Increase Global Inequality

Social mobility, Nordic index outpacing the rest of the world

As it prepares for the annual gathering of business, political and financial leaders in Davos, the World Economic Forum says it is time to change the fact that a person’s fate still depends largely on the socio-economic status of his or her birth. As a result, the forum says, our society “tends to re-emerge, rather than reduce the inequalities that have been passed down from history.”

The World Economic Forum said in its social mobility report that Europe, especially the Nordic countries, scored well, with Japan in 15th and the United States 27th.

But the report says the problem is widespread, with most countries underperforming on three key indicators: low wages, lack of social security and poor lifelong learning systems.

These long-standing problems exacerbate the perception of inequality, even if economic indicators show that inequality is narrowing widely, as well as the erosion of trust and distrust of politics. The World Economic Forum says giving everyone the opportunity to reach their potential not only improves individual well-being, but also brings broader benefits by promoting economic growth.

“In an era of technological change and efforts to achieve a green transition, inequality is deeply entrenched and is likely to worsen,” the forum reported.

In its report, the Forum made a number of recommendations. These include changing individual taxes and addressing wealth concentration, improving education, better equipping people throughout their working lives, and providing more social protection for those facing industrial unrest. (Wind)