Bridge the wealth gap to improve socioeconomic conditions

 

STATISTICS in 2024 showed that 3.6 billion people worldwide – accounting for 40 per cent of the global population – could be earning less than US$6.85 per day, the poverty line set by the World Bank. According to these statistics, the number of people earning below this threshold has not changed significantly since 1990.

 

The significant challenge in the 21st-century economy of the world is the widening gap between the rich and the poor. This disparity severely impacts the political, economic, and social life of the people. Economists and scientists note that many countries worldwide facing geographi­cal isolation, widespread dis­ease, the aftermath of natural disasters, and a lack of polit­ical accountability are more likely to experience poverty.

 

Regarding global issues, more than 75 per cent of peo­ple living in poverty reside in rural areas. In developing countries, individuals typi­cally spend 60-80 per cent of their income on the food supply process. At the same time, over 800 million people worldwide suffer from food insecurity, while approxi­mately one billion people live without access to electricity. Furthermore, more than 750 million people across various countries lack access to safe water, according to the World Bank.

 

Therefore, scientists and experts have called for the modernization of the agricul­ture sector, improvements in basic healthcare servic­es, increased investment in education, a reliable supply of electricity, access to clean water, and the use of systematic septic facilities to enhance the socioeconomic conditions of the population. However, these individuals remain distant from oppor­tunities to escape poverty due to the impacts of climate change and new threats arising from armed conflicts in different forms.

 

The fundamental cause of poverty is the stark wealth gap. Some governments attempt to bridge this divide by allocating state funds to assist the poor, increasing taxes on the wealthy, and providing direct and indirect financial aid. While these meas­ures help, long-term solutions require significant investment in education and policies that expand employment opportunities. By focusing on these areas, countries can gradually reduce economic disparity and improve overall living conditions.

 

As such, authorities in Myanmar must create job opportuni­ties in relevant industries to enable residents to earn an income for their families. Entrepreneurs have to extend their businesses to produce value-added products for the purpose of domestic consumption and exportation while sharing techniques with workers. This will gradually contribute to the improvement of socioeconomic conditions and reduce poverty, helping to narrow the gap between the rich and the poor.