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A healthy economy can reduce inequality – but only to a limited extent The coronavirus pandemic triggered unprecedented economic contractions and job losses, exposing and worsening inequality around the world. Global extreme poverty is set to rise for the first time in over 20 years, with Covid-19 forcing millions more to live on less than $1.90 a day, according to the World Bank. David Wilcox of the Peterson Institute for International Economics said economic downturns in the U.S. tend to be “inequality-exacerbating” and that this recession has “unique characteristics.” He pointed to data which shows that employment rates for high-wage workers have returned to pre-Covid levels. Low-wage employment, however, is still down by nearly 20%. ....
David Wilcox of the Peterson Institute for International Economics said economic downturns in the U.S. tend to be inequality-exacerbating and that this recession has unique characteristics. A return, not so much to economic growth, but to a healthy economic situation overall will help alleviate the inequalities that have widened sharply this (past) year, Wilcox, a senior fellow at PIIE, told CNBC. Once a vaccine has been widely administered, people will feel comfortable once again engaging in lots of activities that powered the service economy pre-pandemic, he said. That includes going to the gym, eating in restaurants, flying on planes and attending conferences. ....