Fixing inequality can provide 4.4% boost to global economic growth by 2030, WEF says – The National

Fixing inequality can provide 4.4% boost to global economic growth by 2030, WEF says – The National

Fixing inequality can provide 4.4% boost to global economic growth by 2030, WEF says. China, US, India, Japan and Germany have the most to gain from boosting social mobility. Increasing social mobility, a major driver of income equality, can boost the global economy's growth by almost 4.5 per cent over the next decade, according to the World Economic Forum.. Five countries that stand to benefit most from upward social mobility-defined as providing people with equal opportunities to raise their living standards regardless of socio-economic background -- are China, the US, India, Japan and Germany, according to WEF's Social Mobility Report 2020 on January 20.. Developed and emerging economies are particularly lagging in four key areas: low wages, lack of social protection, inadequate working conditions, and poor lifelong learning systems for workers and the unemployed, according to the report.. If the economies lift their social mobility score by 10 points, global GDP would increase 4.4 per_cent by 2030.. Among G7 countries, Germany is the most socially mobile, followed by France and Canada.. China will benefit the most from increasing social mobility, with its economy potentially gaining an additional $103 billion (Dh378bn) a year, or $1 trillion in a decade.. To boost