The Distributional Challenge
Many advanced and developing countries’ growth patterns – both before and since the 2008 crisis – have underpinned a dramatic shift in income and wealth toward the upper quartile of the distribution. This is producing high and rising levels of income inequality, and may also be contributing to reduced economic and social mobility.
MILAN – Assessing the recent past and looking forward to the near term is a natural end-of-year exercise. When it comes to the global economy in 2013 and 2014, it may well be a necessary one as well.