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Economic inequality is an umbrella term for a) income inequality or distribution of income, b) wealth inequality or distribution of wealth, and c) consumption inequality. Each of these can be measured between two or more nations, within a single nation, or between and within sub-populations.
In economics, income distribution covers how a country's total GDP is distributed amongst its population. Economic theory and economic policy have long seen income and its distribution as a central concern. Unequal distribution of income causes economic inequality which is a concern in almost all countries around the world.
The distribution of wealth is a comparison of the wealth of various members or groups in a society. It shows one aspect of economic inequality or economic heterogeneity.
Social issues in China are wide-ranging, and are a combined result of Chinese economic reforms set in place in the late 1970s, the nation's political and cultural history, and an immense population. Due to the significant number of social problems that have existed throughout the country, China's government has faced difficulty in trying to remedy the issues. Many of these issues are exposed by the Chinese media, while subjects that may contain politically sensitive issues may be censored. Some academics hold that China's fragile social balance, combined with a bubble economy makes China a very unstable country, while others argue China's societal trends have created a balance to sustain itself.
Poverty in India remains a major challenge despite overall reductions in the last several decades as its economy grows. According to an International Monetary Fund paper, extreme poverty, defined by the World Bank as living on US$1.9 or less in purchasing power parity (PPP) terms, in India was as low as 0.8% in 2019, and the country managed to keep it at that level in 2020 despite the unprecedented COVID-19 outbreak. According to the World Bank, India experienced a significant decline in the prevalence of extreme poverty from 22.5% in 2011 to 10.2% in 2019. A working paper of the bank said rural poverty declined from 26.3% in 2011 to 11.6% in 2019. The decline in urban areas was from 14.2% to 6.3% in the same period. The poverty level in rural and urban areas went down by 14.7 and 7.9 percentage points, respectively. According to United Nations Development Programme administrator Achim Steiner, India lifted 271 million people out of extreme poverty in a 10-year time period from 2005–2006 to 2015–2016. A 2020 study from the World Economic Forum found "Some 220 million Indians sustained on an expenditure level of less than Rs 32 / day—the poverty line for rural India—by the last headcount of the poor in India in 2013."
Urbanization in China increased in speed following the initiation of the reform and opening policy. By the end of 2023, China had an urbanization rate of 66.2% and is expected to reach 75-80% by 2035.
Income in India discusses the financial state in India. With rising economic growth and India's income is also rising rapidly. As an overview, India's per capita net national income or NNI was around Rs. 98,374 in 2022-23. The per-capita income is a crude indicator of the prosperity of a country. In contrast, the gross national income at constant prices stood at over 128 trillion rupees. According to a 2021 report by the Pew Research Center, India has roughly 1.2 billion lower-income individuals, 66 million middle-income individuals, 16 million upper-middle-income individuals, and barely 2 million in the high-income group. According to The Economist, 78 million of India's population are considered middle class as of 2017, if defined using the cutoff of those making more than $10 per day, a standard used by the India's National Council of Applied Economic Research. According to the World Bank, 93% of India's population lived on less than $10 per day, and 99% lived on less than $20 per day in 2021.
Historically, the Chinese economy was characterized by widespread poverty, extreme income inequalities, and endemic insecurity of livelihood. Improvements since then saw the average national life expectancy rise from around forty-four years in 1949 to sixty-eight years in 1985, while the Chinese population estimated to be living in absolute poverty fell from between 200 and 590 million in 1978 to 70 million in 2017. Before the 19th century, China was one of the leading global powers.
In China, poverty mainly refers to rural poverty. Decades of economic development has reduced urban extreme poverty. According to the World Bank, more than 850 million Chinese people have been lifted out of extreme poverty; China's poverty rate fell from 88 percent in 1981 to 0.7 percent in 2015, as measured by the percentage of people living on the equivalent of US$1.90 or less per day in 2011 purchasing price parity terms, which still stands in 2022.
Income inequality in the Philippines is the extent to which income, most commonly measured by household or individual, is distributed in an uneven manner in the Philippines.
Nigeria had one of the world's highest economic growth rates, averaging 7.4% according to the Nigeria economic report that was released in July 2019 by the World Bank. Following the oil price collapse in 2014–2016, combined with negative production shocks, the gross domestic product (GDP) growth rate dropped to 2.7% in 2015. In 2016 during its first recession in 25 years, the economy contracted by 1.6%. Nationally, 43 percent of Nigerians live below the poverty line, while another 25 percent are vulnerable. For a country with massive wealth and a huge population to support commerce, a well-developed economy, and plenty of natural resources such as oil, the level of poverty remains unacceptable. However, poverty may have been overestimated due to the lack of information on the extremely huge informal sector of the economy, estimated at around 60% more, of the current GDP figures. As of 2018, the population growth rate is higher than the economic growth rate, leading to a slow rise in poverty. According to a 2018 report by the World Bank, almost half the population is living below the international poverty line, and unemployment peaked at 23.1%.
China's current mainly market economy features a high degree of income inequality. According to the Asian Development Bank Institute, "before China implemented reform and opening-up policies in 1978, its income distribution pattern was characterized as egalitarian in all aspects."
Brazil has high income inequality despite high rates of economic growth. The country's richest 1% of the population have 13% of all household income, a similar economic result to that of the poorest 50%. This inequality results in poverty levels that are inconsistent with an economy the size of that of Brazil. The country's GDP growth in 2010 was 7.5%. In recent decades, there has been a modest decline in inequality for the country as a whole. Brazil's GINI coefficient, a measure of income inequality, has slowly decreased from 0.596 in 2001 to 0.543 in 2009. However, the numbers still point to a rather significant problem of income disparity.
Income inequality in India refers to the unequal distribution of wealth and income among its citizens. According to the CIA World Factbook, the Gini coefficient of India, which is a measure of income distribution inequality, was 35.2 in 2011, ranking 95th out of 157. Wealth distribution is also uneven, with one report estimating that 54% of the country's wealth is controlled by millionaires, the second highest after Russia, as of November 2016. The richest 1% of Indians own 58% of wealth, while the richest 10% of Indians own 80% of the wealth. This trend has consistently increased, meaning the rich are getting richer much faster than the poor, widening the income gap. Inequality worsened since the establishment of income tax in 1922, overtaking the British Raj's record of the share of the top 1% in national income, which was 20.7% in 1939–40.
Poverty in Poland has been relatively stable in the past decades, affecting about 6.5% of the society. In the last decade there has been a lowering trend, as in general Polish society is becoming wealthier and the economy is enjoying one of the highest growth rates in Europe. There have been noticeable increases in poverty around the turns of the decades, offset by decreases in poverty in the years following those periods.
The 2014 National People's Congress held its annual meeting in March 2014 at the Great Hall of the People in Beijing, China. The session opened on 5 March and concluded on 13 March.
Education inequality in China exists on multiple levels, with significant disparities occurring along gender, geographical, and ethnic divides. More specifically, disparities exist in the distribution of educational resources nationwide, as well as the availability of education on levels, ranging from basic to higher education.
Kenya is a lower middle income economy, with Kenya's GDP hitting $150 billion as of 2024. This is due to increasing technology innovation services. Although Kenya's economy is the largest and most developed in eastern and Central Africa, 63% (2023/2024) of its population lives below the international poverty line. This severe poverty is caused by economic inequality, government corruption and health problems. In turn, poverty also worsens these factors. The Kenyan government's efforts to address poverty have received help from international institutions as well. The incident rate of poverty has steadily decreased, as shown by a recent MPI index.
According to data from 2010, low-income earners make up 37.8% of South Korea's labour force. Conversely, the highest income earners make up 1.4% of the labour force.
The Tenth five-year plan is a plan for China's national economic and social development for the 2001-2005 period. With economic development as its main goal, the plan establishes the strategic adjustment of the economic structure as its main line, while focusing on ecological construction, environmental protection, and sustainable economic and social development. Various social programs such as education, culture, healthcare and sports were also emphasized.
References
- ↑ https://wap.ceidata.cei.cn/detail?id=gj%2BlexAKEwY%3D
- ↑ "Poverty, inequality and social disparities during China's economic reform". SSRN.
- ↑ https://wap.ceidata.cei.cn/detail?id=0M7c86iufvM%3D
- ↑ "国家统计局信息公开". www.stats.gov.cn. Retrieved 2023-10-21.
- ↑ "中国经济发展阶段及其时空格局演变特征". CQVIP. 2023.
- 1 2 "认识中国的不平等". 20 May 2010.
- ↑ "变局与回应：新时代以来我国意识形态建设论析". www.zjdx.gov.cn. Retrieved 2024-01-12.
- ↑ "Income inequality in China: Causes and Policy Responses" (PDF).
- ↑ Gong, Sen (2014). Wang, Chunguang (ed.). "中国的不平等问题：现状、原因及建议". research gate.
- ↑ "Economic Growth, Income Inequality and Subjective Well-being: Evidence from China". 2023.
