OECD Says Income Inequality Still at Record Levels

The gap between the rich and poor remains at record levels, according to the Organisation for Economic Cooperation and Development as the poorest 10% have been unable to recover from the blow dealt by the financial crisis.

The Paris-based thinktank said while the richest 10% had rapidly bounced back, long-term unemployment, low-quality jobs, and greater job insecurity had disproportionately hit low-income households.

Publishing the latest analysis of the OECD’s 35 member countries, the organisation said: “By 2013/14, incomes at the bottom of the distribution were still well below pre-crisis levels while top and middle incomes had recovered much of the ground lost during the crisis.”

In the UK, income inequality has fallen since 2007 but remains one of the highest in the OECD. It ranks seventh highest of 35, according to the Gini coefficient measure of income inequality.

via The Guardian

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.