The G20 and the promotion of equal opportunities

Investment Rating - The report does not provide a specific investment rating for the industry Core Insights - The G20 emphasizes the urgent need to reduce inequalities and promote equal opportunities for all individuals, regardless of their background [9][10] - The report highlights the significant and persistent income and wealth inequalities globally, with the richest 10% earning 52% of global income while the poorest half earns only 8.5% [18][21] - It stresses that high levels of inequality are detrimental to long-term social and economic development, potentially undermining social cohesion and democratic institutions [19][20] Summary by Sections Background and Context - The G20 Development Ministers convened in July 2024 to address inequalities and reaffirmed their commitment to the 2030 Agenda, particularly focusing on reducing income inequality [9][10] Promoting Equal Opportunities - The report identifies alarming trends in income and wealth inequality, noting that while global inequality has declined, within-country inequality has risen [18] - It states that the richest 10% of the global population owns 76% of total wealth, while the poorest half possesses only 2% [21] - The report discusses the intersection of economic inequality with other forms of disadvantage, emphasizing the need for policies that promote equal opportunities [19][20] Informal Employment and Vulnerability - High levels of inequality are often associated with significant informal employment, where workers face greater risks and lack access to social protection [32][45] - Informal workers are less likely to benefit from social protection programs compared to formal workers, with only about 37% of informal workers covered by any social protection scheme [36][37] - The report highlights the need for better data on informal workers to inform policies aimed at reducing their vulnerability [33][34] Discriminatory Social Norms - The report discusses how discriminatory social institutions are major drivers of gender inequality, calling for urgent action to address these issues [11][19] - It emphasizes the importance of promoting gender equality and empowering women and girls as part of the broader agenda to reduce inequalities [11][12] International Cooperation - The report underscores the role of international cooperation in addressing inequalities, particularly in the context of development assistance and policy alignment [4][30] - It suggests that a holistic approach is necessary to tackle the multi-dimensional drivers of inequality, including both global and country-specific factors [30][32] Recommendations for Action - The report outlines several policy recommendations, including extending social protection to informal workers, improving occupational safety, and raising productivity in the informal economy [53] - It advocates for a comprehensive strategy that combines social protection, formalization of employment, and empowerment of informal workers [53]