The Issue
Global uneven economic development could be described as the persistent variations and differences in the level and rates of economic growth in different parts of the world or sections of the economy. Such disparities are observable when the economy is looked at as a whole at a given moment and over a particular period. According to The Guardian (January 2, 2018), the rates of economic inequalities have been rising since the 1980s, and this warrants not only economic but also political attention. The process of development reproduces the levels of inequality. This can be described in the way repeated patterns of differentiation in relative positions of sectors and economies over time. To crown this, The Guardian quotes The World Inequality Report of 2018 which held that “the share of national income claimed by the top 1% of the population rose from 11% in 1980 to 20% in 2014, compared to just 13% for the entire bottom half of the population.” The increasing trend has been experienced up to 2018, confirming that the world is suffering from global uneven economic inequality.
The Context
Living conditions are continuously changing in different places of the world. This trend has been there for decades. The present-day global inequality can be attributed to several aspects, such as the economic development of different regions. According to The Economist, while some places are experiencing dramatic improvements, others have not had the chance of a good life (The Economist, January 16, 2020). The Guardian and the Financial Times agree to this statement by mentioning that the global share of the top 1% economies such as France, Germany, and the UK had been high for a decade. The great economies are worried about the success of modern technology when the less developed are depend on imitations (The Economist, January 16, 2020). Globalization will never be a success if the development gap remains. Producers of high technology products will end up with no market for such since the gains for the bottom economies continuously decrease. Don't use plagiarised sources.Get your custom essay just from $11/page
The Prospects
Although the share of global income that goes to the top 1% economies is reducing, this trend may not hold for long (New York Times, December 14, 2017). This is because the developing economies such as India are striving to get into the top 1% list, and their effort is not lessening the problem, rather leading to a further concentration of the economy. The inequalities will continue to exist. In other words, the disparities are only going to reduce but not to any desired level. The Financial Times clearly presents expected changes in the economic growth of various economies, especially the developed ones. The global economic growth was expected to drop to 3% by 2019. The leads that of Us to fall to 2.5 from 2.8, China to 6.2 from 6.6. The EU was expected to experience no change, but the risk of Brexit meant a downward fallout. These changes are confirmations that global uneven economic growth is a problem to be addressed.
Bibliography
Emerging economies are experiencing prolonged productivity slowdown. (2020). Retrieved 3 March 2020, from https://www.economist.com/finance-and-economics/2020/01/16/emerging-economies-are-experiencing-a-prolonged-productivity-slowdown
Frankel, J. (2018). Do globalization and world trade fuel inequality?. The Guardian. Retrieved 3 March 2020, from https://www.theguardian.com/business/2018/jan/02/do-globalisation-and-world-trade-fuel-inequality
Porter, E., & Russell, K. (2017). It’s an Unequal World. It Doesn’t Have to Be. Retrieved 3 March 2020, from https://www.nytimes.com/interactive/2017/12/14/business/world-inequality.html
Romei, V. (2019). UN joins chorus warning of global slowdown. Financial Times. Retrieved 3 March 2020, from https://www.ft.com/content/bb2047d4-1d8c-11e9-b126-46fc3ad87c65