Colombia’s inequality is the highest of all OECD countries, says the World Bank

The World Bank released a report that reveals income inequality in Colombia, which is the highest among all the countries that make up the OECD and is the second highest among 18 countries in Latin America and the Caribbean.

The World Bank says the income of the 10% of the richest population of Colombians is eleven times greater than that of the poorest 10% and compares it with the most equitable country of the OECD, the Slovak Republic, where 10% of the richest population earns barely three times more than the poorest 10%.

The multilateral body assures in the report that the economic impact generated by the covid-19 pandemic worsened the inequality, and drove about 3.6 million more people into poverty.

It also states that inequalities in Colombia begin from childhood in a way that has consequences on the accumulation of human capital and, therefore, on the opportunities available at the time of entering the labor market or obtaining income.

“Although Colombia has made very important advances in reducing infant mortality, we see how other indicators, such as years of education adjusted for learning and malnutrition, show significant gaps between the poorest and the richest households. A poor child receives 2 years and a half less learning than a rich person, “said María Dávalos, senior economist at the World Bank.

According to the report, inequality in Colombia also permeates population groups, regions, generations and extends beyond the material aspects of livelihoods. “Colombians with less education, the rural population and the unemployed or poor are much less likely to consider themselves happy,” says the World Bank.

Source

Colombias inequality highest OECD countries World Bank

 
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