UAE- Widening rich poor gap a cause for concern: paper
Date
1/24/2016 1:05:22 AM
(MENAFN- Emirates News Agency (WAM))
ABU DHABI 24th January 2016 (WAM) -- A UAE newspaper has said that the wealthiest 62 people now own as much as half the world's population some 3.5 billion people as the super-rich have grown richer and the poor poorer International charity Oxfam has said calling it a matter of serious concern.
"It should be noted that the wealth of the richest 62 people has risen by 44 percent since 2010 while the wealth of the poorest 3.5 billion fell 41 percent" said The Gulf Today in an editorial on Sunday.
"Oxfam has correctly identified tax havens as one of the primary reasons for the trend. Tax havens are at the core of a global system that allow large corporations and wealthy individuals to avoid paying their fair share depriving governments rich and poor of the resources they need to provide vital public services and tackle rising inequality.
"It has also highlighted that 9 out of 10 of this year's World Economic Forum corporate partners have a presence in at least one tax haven. Alarmingly tax dodging by multinational corporations costs developing countries at least US$100 billion every year. Corporate investment in tax havens almost quadrupled between 2000 and 2014.
"It is true that the number of people living in extreme poverty halved between 1990 and 2010 and the average annual income of the poorest 10 percent has risen by less than $3-a-year in the past quarter of a century.
"But as experts point out had inequality within countries not grown during that time an additional 200 million people would have escaped poverty. Unemployment and poverty are challenges that deserve serious attention.
"UN officials say that despite falling unemployment in some developed economies the global jobs crisis is likely to continue for at least the next two years especially in emerging economies topping 200 million by 2017.
"Final unemployment for 2015 is estimated to stand at 197.1 million 27 million higher than the pre-crisis level of 2007 and in 2016 it is forecast to rise by about 2.3 million to 199.4 million according to the ILO's World Employment and Social OutlookTrends 2016. An additional 1.1 million jobless will likely be added to the global tally in 2017.
"The world sure has become a much more unequal place. While millions of people go to bed hungry resources are sucked up by a few and that's morally socially or economically not the correct path. World leaders should stop preaching and start initiating concrete action to tackle the bane of inequality.
"Any more delay in action will prove costly" concluded the Sharjah-based daily.
WAM/Esraa/Moran