South Africa: “most unequal society in the world”

For years, South Africans have always told foreigners that, although we may have the most beautiful country in the world we also happen to have the widest gap between rich and poor. Now an expert in economics has confirmed that the disparity between rich and poor is the largest in the world.

South Africa has overtaken Brazil as the country with the widest gap between rich and poor, according to figures put together by a leading South African academic.Haroon Bhorat, an economics professor at UCT, told a briefing at Parliament on Friday that South Africa was now “the most unequal society in the world” with a significant increase in income inequality. “In the long run it is bad for growth. It is a threat to social stability and to growth itself. The long-run trend is a worrying one,” he warned.Bhorat said South Africa’s Gini coefficient index – which shows the level of income inequality – stood at 0.679.[MORE HERE]

 

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~ by mcsavage on September 28, 2009.

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