Inequality is a defining challenge of our time. Recent waves of globalization, notably in international trade and finance, have done much to reduce global inequality, and the gap between richest and poorest is widening. While extreme poverty has been reduced, income and wealth are increasingly concentrated. Most economies are growing, but the labour share of national income is declining, and large portions of the world’s workforce have experienced real wage stagnation. And while women’s economic contributions are growing, gender inequalities are persistent. All this has led to the growth of damaging and unacceptable inequalities, a situation where everybody loses. It is thus a critical time for decision on actions for an equitable future, which requires strong and coordinated responses at the global level. This session will examine what needs to be done at the international and regional levels to reduce inequality and how the multilateral system can work together in a more coherent manner.
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