Market Commentary

Social mobility at record low: WEF

Posted by Anton Murray Consulting on . Posted in Market Commentary

InvestorDaily

Most economies are now failing to create conditions in which their citizens can thrive, with income inequality more entrenched than ever, according to the World Economic Forum (WEF). Developed economies are heavily dependent on a strong middle class with the means to engage in discretionary spending. But low wage growth, poor educational standards, and entrenched financial inequality have made it harder than ever for citizens to graduate from the lower- to the middle-class.

“Inequality is rising even in those countries that have experienced rapid growth,” wrote Klaus Schwab, chairman of the WEF. “The social and economic consequences of inequality are profound and far-reaching: a growing sense of unfairness, precarity, perceived loss of identity and dignity, weakening social fabric, eroding trust in institutions, disenchantment with political processes, and an erosion of the social contract. The response must include a concerted effort to create new pathways to socioeconomic mobility, ensuring everyone has fair opportunities for success.”

The rest of this article can be found at investordaily.com.au.

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