Inequality key hurdle to sustainable growth

WB Lead Economist Zahid Hussain says

Absolute inequality is the worst form of inequality and it is affecting the entire world and bad for the growth for sustainability as well said Lead Economist of World Bank Dr Zahid Hussain at media training workshop programme. 

The United Nations (UN) sustainable development goals are a global vision for humanity. Among the 17 Sustainable Development Goals (SDGs), goal number 10 is to reduce inequality within and among countries.     
Dr Zahid Hussain expressed his views at the two-day programme of media training workshop on Sustainable Development Goals (SDGs), organised collaboratively Inter Press Service (IPS) and UN Foundation, held  at Centre on Integrated Rural Development for Asia and Pacific (CIRDAP) in the capital on Sunday and Monday.
According to United Nations report, the richest 80 people have the same wealth as the bottom 3.5 billion. So, it can be said that the world is astonishingly unequal.  
Zahid Hussain addressed the session on ‘addressing inequality: towards a new consensus’, where he spoke about the various types of inequality and how it can be addressed.
During delivering the presentation, he said there has always been a traditional debate on the tradeoff in between more efficiency or more equity. Inequality is too widening sometimes, but it can also decrease.
Talking about relative and absolute inequality  Dr Hussain explained “if person A earns Tk 1,000 per day and person B earns Tk 10,000 per day, the gap is Tk 9,000, which is to a certain extent, sustainable and relative inequality exists here”.
The inequality gets abnormal when the same two person’s income gets doubled and the spread rises to Tk 18,000 and this absolute inequality is harmful for reducing the SDGs inequality goals, he described.               
According to a report of the World Bank, 800-850 million people are absolutely poor in the world at this moment and the entire nation of the world is working to bring this rate down.  
“If we consider the overall condition and terms of inequality, the inequality in Bangladesh has increased and widened the gap as well” Zahid also informed.
Absolute inequality is not impossible to reduce, but is takes time said by the expert said at the programme.
The inequality has already been at the pinnacle stage so far, but to find a way of paying for the equity is the effective and efficient way of reducing the absolute inequality.
After searching so many researches, Dr Zahid has suggested two things to reduce possible absolute inequality. One is to increase public expenditure and improve the tax system. The second thing is to increase the intergenerational mobility. 
Intergenerational mobility refers to changes in social status between different generations within the same family.   
From the World Bank statistics, in 2010, 3 crore people were living under poverty in Bangladesh. 
Earlier, Finance Minister M.A Muhith inaugurated the workshop.
The finance minister said that it is quite possible that Bangladesh would reach the targets of Sustainable Development Goals (SDGs) which were set by the United Nations before 2030, The objective of the training programme has been acquainted the role of journalists in implementation of SDGs towards the society.  

Inequality key hurdle to sustainable growth

WB Lead Economist Zahid Hussain says

Absolute inequality is the worst form of inequality and it is affecting the entire world and bad for the growth for sustainability as well said Lead Economist of World Bank Dr Zahid Hussain at media training workshop programme. The United Nations (UN) sustainable development goals are a global vision for humanity. Among the 17 Sustainable Development Goals (SDGs), goal number 10 is to reduce inequality within and among countries. Dr Zahid Hussain expressed his views at the two-day programme of media training workshop on Sustainable Development Goals (SDGs), organised collaboratively Inter Press Service (IPS) and UN Foundation, held at Centre on Integrated Rural Development for Asia and Pacific (CIRDAP) in the capital on Sunday and Monday. According to United Nations report, the richest 80 people have the same wealth as the bottom 3.5 billion. So, it can be said that the world is astonishingly unequal. Zahid Hussain addressed the sessionon addressing inequality: towards a new consensus, where he spoke about the various types of inequality and how it can be addressed. During delivering the presentation, he said there has always been a traditional debate on the tradeoff in between more efficiency or more equity. Inequality is too widening sometimes, but it can also decrease. Talking about relative and absolute inequality Dr Hussain explained if person A earns Tk 1,000 per day and person B earns Tk 10,000 per day, the gap is Tk 9,000, which is to a certain extent, sustainable and relative inequality exists here. The inequality gets abnormal when the same two persons income gets doubled and the spread rises to Tk 18,000 and this absolute inequality is harmful for reducing the SDGs inequality goals, he described. According to a report of the World Bank, 800-850 million people are absolutely poor in the world at this moment and the entire nation of the world is working to bring this rate down. If we consider the overall condition and terms of inequality, the inequality in Bangladesh has increased and widened the gap as well Zahid also informed. Absolute inequality is not impossible to reduce, but is takes time said by the expert said at the programme. The inequality has already been at the pinnacle stage so far, but to find a way of paying for the equity is the effective and efficient way of reducing the absolute inequality. After searching so many researches, Dr Zahid has suggested two things to reduce possible absolute inequality. One is to increase public expenditure and improve the tax system. The second thing is to increase the intergenerational mobility. Intergenerational mobility refers to changes in social status between different generations within the same family. From the World Bank statistics, in 2010, 3 crore people were living under poverty in Bangladesh. Earlier, Finance Minister M.A Muhith inaugurated the workshop. The finance minister said that it is quite possible that Bangladesh would reach the targets of Sustainable Development Goals (SDGs) which were set by the United Nations before 2030, The objective of the training programme has been acquainted the role of journalists in implementation of SDGs towards the society.