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Archive for April 22nd, 2014

In An Unequal World, We Need Inclusive Growth

Posted by Business in Ghana on April 22, 2014

By Jim Yong Kim

For a very long time, the rich have known to some extent how the poor around the world live. What_s new in today’s world is that the best-kept secret from the poor, namely, how the rich live, is now out. Through  the village television, the Internet and hand-held instruments, which a rapidly increasing number of the poor possess, life-styles of the rich and the middle class are transmitted in full color to their homes every day.

Last year, when I traveled with President Evo Morales to a Bolivian village 14,000 feet above sea level, villagers snapped pictures on their smart phones of our arrival. In Uttar Pradesh, the state in India with the highest number of poor people, I found Indians watching Korean soap operas on their smart phones.

We live in an unequal world. But while the rich world may be blind to the suffering of the poor, the poor throughout the world are very much aware of how the rich live. And they have shown they are willing to take action.

Inequalities hurt everyone. Women_s low economic participation creates income losses of 27 percent in the Middle East and North Africa. Inclusive growth, in contrast, builds a stronger, more robust social contract between people and their government _ and builds stronger economies. If we raised women’s employment to the levels of men, for instance, average income would rise by 19 percent in South Asia and 14 percent in Latin America. Read the rest of this entry »

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