Answer this question under 100 words and draw a Lorenz graph to explain it. In the Financial Times’ article “How the pandemic is worsening inequality” (31 Dec 2020) we can read: “About 600m people work globally in the hardest-hit sectors such as hospitality and retail [...]. In addition, the informal economy has been hard-hit – and that is where some of the world’s most vulnerable workers are employed. [...] At the height of the pandemic-induced surge in unemployment, joblessness among people aged 15 to 24 in OECD countries was 7.5 percentage points higher than the start of this year, whereas among those aged 25 and over it rose by 3.2 percentage points. Pandemic-induced job losses have potentially long-lasting consequences: people who start their career during a recession experience lower earnings for a decade after graduation. [...] Around the world, relatively privileged workers have avoided the worst of the pandemic’s economic impact. Up to 40 per cent of those in the ILO’s top income bracket were able to work from home during the pandemic, more than double the proportion among the lowest earners. [...]The 10 richest billionaires in the world increased their wealth by $319bn in 2020” Considering the world as a whole, explain inequality pre- and post-pandemic, using a Lorenz curve.
Answer this question under 100 words and draw a Lorenz graph to explain it.
In the Financial Times’ article “How the pandemic is worsening inequality” (31 Dec 2020) we can read:
“About 600m people work globally in the hardest-hit sectors such as hospitality and retail [...]. In addition, the informal economy has been hard-hit – and that is where some of the world’s most vulnerable workers are employed.
[...] At the height of the pandemic-induced surge in
[...] Around the world, relatively privileged workers have avoided the worst of the pandemic’s economic impact. Up to 40 per cent of those in the ILO’s top income bracket were able to work from home during the pandemic, more than double the proportion among the lowest earners.
[...]The 10 richest billionaires in the world increased their wealth by $319bn in 2020”
Considering the world as a whole, explain inequality pre- and post-pandemic, using a Lorenz curve.
(this is an exam question from 2020/21)
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