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ILO: Financial crisis to increase income inequality
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09:35, October 17, 2008

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The current global financial crisis is expected to further increase the income inequality of most regions of the world, said a new report released by the International Labor Organization (ILO) on Thursday.

According to the report, entitled World of Work Report 2008, a major share of the cost of the financial and economic crisis will be borne by hundreds of millions of people who haven't shared in the benefits of recent growth.

Despite strong economic growth that produced millions of new jobs since the early 1990s, income inequality grew dramatically inmost regions of the world, the report said.

"This reflects the impact of financial globalization and a weaker ability of domestic policies to enhance the income position of the middle class and low-income groups," said Raymond Torres, head of the research arm of the ILO.

"The present global financial crisis is bound to make matters worse unless long-term structural reforms are adopted," he added.

The report examined wages and growth in more than 70 developed and developing countries.

It called for longer term action to put the global economy on amore balanced track, including promotion of the ILO's Decent Work Agenda to link economic, labor and social policies to boost employment and improve incomes and income distribution.  


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