G-20 Confronts Income Inequality Scourge for First Time in Draft
(Bloomberg) -- Group of 20 finance chiefs for the first time signaled joint concern on mounting income inequality across the world economy.
“In some countries, potential growth has declined, demand continues to be weak, the outlook for jobs is still bleak and income inequality is rising,” finance ministers and central bankers from the leading industrial and emerging markets said in the draft of a statement to be released after talks in Istanbul on Tuesday.
The G-20 officials have never explicitly mentioned income disparity in a communique since their leaders made the body the main coordination forum of international economic policy in 2009. It reflects growing concern that the gap between rich and poor has widened following 2008’s financial crisis and may threaten economic and political stability.
“We will also strive to ensure that growth is inclusive, including through policies that address income inequality,” the officials added in a another section of the draft.
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