Mittwoch, 24.10.2018 06:46 Uhr

Rising inequality

Verantwortlicher Autor: Carlo Marino Rome, 06.10.2017, 14:24 Uhr
Kommentar: +++ Wirtschaft und Finanzen +++ Bericht 6295x gelesen

Rome [ENA] According to ANSA (Italian Press Agency) on October 6 retail sales in Italy were down again in August, following a drop in July too, ISTAT said. The national statistics agency said sales were down 0.3% in value terms and 0.4% in volume terms in August compared to the previous month. It said sales fell 0.5% in value terms and 1% in volume terms with respect to August 2016.

On the other side, Economy Minister Pier Carlo Padoan told that growth in the Italian economy is rising and risks are "fading". Rising inequality in the EU and in Italy can be damaging for good economic policy design and economic development. Inequality is generally considered just as a social problem. Trade globalisation has helped to diminish overall global inequalities, while it has also had a role in the rise of new ones. The International Monetary Fund discovered, on a global scale, an inverse relationship between the income share accruing to the top 20 % and economic growth, whereby if the income share of the top 20 % increases by one percentage point, GDP growth is actually 0.08 percentage points lower in the following five years.

On the contrary, a similar increase in the income share of the bottom 20 % is associated with higher growth of 0.38 percentage points. Equality can, under the right conditions, both contribute to and result from good economic performance. A properly functioning economy and labour market continue to be one of the most effective means of tackling unemployment and thereby reduce inequality. There is an investment gap in the EU and in Italy. Public and private investment are key elements and can contribute to reducing inequality by boosting employment. In Italy structural deficiencies need to be properly addressed. The European Fund for Strategic Investments (EFSI) is supposed to be updated in order to address the investment gap.

In Italy structural deficiencies need to be properly addressed. The European Fund for Strategic Investments (EFSI) is supposed to be updated in order to address the investment gap. In Italy the investment gap has to be tackled, including by expanding the financial markets, in order to promote innovative projects that can boost employment.Investment and efficient structures in public services, in combination with the provision of private services, are vital in order to tackle the dimension of inequality.

It’s important to emphasize that the achievement of higher levels of education and skills for the general population, especially in the field of financial and digital literacy, contributes not only to reducing income inequality, but also to fighting social exclusion. European competition policies have to enable fair competition and help fight cartels or incompatible state aid, which distort prices and disrupt the functioning of the internal market, with a view to ensuring that consumers are protected.

The significance of the education, training and retraining of workers must be the main concern with a basic lifelong learning tool to expand the number of and reinforce the skills required in order to help workers’participation in the fast evolution of the labour market, and to combat unemployment, so as to ensure that the technological advancements that Italy and Europe are currently facing. The technological advancements haven’t to become a source of inequalities. In this case,and particularly in Italy, the so called lifelong learning policies should promote the refreshing of skills and requalification of workers, particularly those who possess low- to medium-level skills and those who are most exposed to the risk of social inequality .

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