World Economic Forum (WEF) report on ‘inclusive development index’ shows United States of America, Nigeria, South Africa, Brazil, Ireland, Japan, and Mexico have inclusive-development rankings that fall below their GDP per capita rankings. What this means is that, despite the economic growth witnessed in these countries, there is inequality in the share of the economic growth or prosperity. The United States had the largest gap existing between the countries GDP per capita rankings and the inclusive-development rankings. This urgently calls for a change in policies which restricts fairs hare of economic growth, employment, and increased profits.
The World Economic Forum’s ‘inclusive development index’ measure a nation’s inequalities carefully using data on income, health, poverty, and sustainability. It as well focuses on the distribution of income and wealth, social protection, and the level of poverty in a category termed by the WEF as the inclusion category. Nigeria and South Africa as part of the countries listed, had low performance in these sectors while United States performed very poor as one of the world’s richest country in this category. Among the world developed countries, United States stands to be the most unequal. This signals a pressing need for these countries to work on policies and programs designed to reduce poverty and vulnerability by promoting efficient labor markets, diminishing people’s exposure to risks, and enhancing their capacity to manage economic and social risks, such as unemployment, exclusion, sickness, disability and old age.
Unlike the other countries which are not globally recognized to be super wealthy, social protection in the United States has been a discussion in the pipeline which always face political arguments and differences as the country has its wealth concentrated in an uneven manner. Reports from the WEF on the United States on social protection has been of high interest possible changes in legislation designed to resolve these issues of wages and social safety is predicted to see major changes within Donald Trump’s administration. As the president-elect enters office today, not only are people worried about societal dissociation, many other people across the globe have also been worried about his quest for economic growth even at the expense of the environment – particularly climate change.
The WEF report further recommend that the current problem can be solved through policies that promote functional equality in wages regardless of gender, race or ethnicity; educational opportunities; and access to jobs. However, all these can be made possible for the United States, Nigeria, South Africa, and the other nations only if there is a political will by leaders.