Income Inequality in Singapore In the recent years, the issue of income inequality has been extensively discussed. It has been highlighted that the world’s richest 85 people across the globe shares a combined wealth as much as the poorest 3.5 billion of the world’s population. (Wearden, 2014) Widening income gap has resulted in dissatisfaction and rising social tension across various communities. In 2011, Americans started the ‘Occupy Wall Street’ protest to stand up against income inequality in the States. In 2014, the ‘Umbrella Revolution’ has unfolded as a result of demand for democracy and widening economic gap.
It’s still having an inequality in income because not every job can give the same amount of wage. Higher skilled job or the owner will receive more income. The question was occurring “Is inequality in Thailand a persistent problem that disrupts the country’s economic growth?” In my opinion inequality doesn’t impact much on economic growth, but economic growth is directly impact on inequality. This essay will use the empirical tools to examine income and wealth inequality affected on Thailand’s economic growth in different situation ,first, the economy and the inequality during 1980s ; second, the Asian Financial crisis in 1997; third, how One Tambol One Product project did to the poverty in rural area; fourth, is increase in the daily minimum wage will decrease poverty? and conclusion.
Tackling income inequality Sadiq Ahmed The substantial reduction in poverty in Bangladesh since independence is a cause for celebration. A major reason for this decline in poverty is the rising per capita income, growing from less than 2 percent a year in the 1970s to around 5 percent a year in the 2000s. Yet, it is worrisome that an estimated 47 million people are still below the national poverty line. Continued rapid growth in per capita income will help reduce poverty further, but the ability of higher growth to lower poverty is hampered by growing income inequality. Available evidence from the Household Income and Expenditure Surveys (HIES) suggests that income inequality as measured by the 'gini coefficient ' has been rising, growing
Introduction Singapore is widely regarded by the global community as a developed nation. As a city-state with no natural resources and humble beginnings as a small fishing village, it may seem nothing short of a miracle that Singapore is where it is today, as these circumstances have not stopped Singapore from achieving high economic growth, boasting one of the world’s highest Gross Domestic Product (GDP) per capita. These accomplishments can be accounted to several key milestones in Singapore’s past that have influenced the country’s policy-making decisions, such as the introduction of free trade in Singapore, as well as principles of governance left from its colonial days under the British. Free Trade in Singapore One of the most important
Another argued driver of income inequality in the studied area is income distribution from different sources (capital, property, investment…). Over the last 20 years, this distribution has grown to be less equal. For instance, although capital income represents only a modest share of households income, its increase in inequality in the majority of OECD countries during the last 20 year have substantially widened the inequality gap. This raise principally caused by change in the upper part of the distribution. While earnings have always been the major cause of inequality in each and every country of the area, since the mid-1990s, their contribution to income inequality remarkably fell.
This year, there is a rise of 7 percent in Singapore GDP to 3.1 percent in the third quarter. It is shown that there is a rise of 2.8 percent in the third quarter from last year (Trading Economics, 2014). Singapore public housing has been the bedrock of Singapore 's asset-ownership programme.
Today, South Korean economy is exemplified by moderate inflation, low unemployment, and export surplus, and fairly equal distribution of income. a. Poverty and Employment Trends Approximately three decades ago, South Korean economy was among the ranks of the poorest countries in Africa and Asia. The 1997 crisis brought about massive lay-offs. Today, it has a per capita GDP seven times that of India’s and thirteen times that of North Korea’s.
Socio-economic inequality is an issue in Singapore. In 2015, the Gini coefficient, a statistic that tracks the distribution of income within a country where 1 represents complete inequality and 0 represents complete equality, ranked Singapore as one of the most unequal countries among first-world countries at 0.412, after taxes and transfers. To compare, the United States and United Kingdom were at 0.345, Australia at 0.336 and Germany at 0.295, after taxes and transfers (Ong, 2015). An uneven distribution of wealth also highlights the severity of socio-economic inequality. A global wealth report released by Credit Suisse in October 2015 stated that Singapore’s mean wealth per adult (aged 20 and above) was $367,944.
This could be due to the ‘Stop at two’ campaign being introduced by the government back in 1970s which had been a great success when Singapore was under developed and had a high level of birth rate. The slow growth in population is one of the factors that has help pave the way in allowing the economy in Singapore to prosper. This is because the focus had been shifted to the existing amount of population available to improve the country’s overall infrastructure with reduced pressure of feeding and taking into account extra numbers of people back then. However, the success of the campaign had led to controversial effects to the current future of Singapore as it now faces a decreasing replacement rate of those exiting to those entering the workforce due to the declining birth rate and aging