Summary of the session “Conversation with Chief Economists: Reducing inequality”

As part of the annual Astana Finance Days conference, a session was held with the participation of Chief Economists from international development banks, where the main focus of the discussion was the issue of inequality among and within the countries, as well as the potential ways to build an environment for an inclusive development and sustainable growth.

Despite the success of the past years, concerns about rising inequality persist, which have been exacerbated since the pandemic and it is relevant not only for developing countries, but also for high-income countries too.

During the session, the speakers discussed the role and approaches of international organizations in combating inequality as well as presented the key activities tackling the issue of the respective institutions, i.e. the Asian Development Bank, the Inter-American Development Bank, the Asian Infrastructure Investment Bank and the European stabilization mechanism. Thus, at the session, the problem of inequality was covered not only at the global level, but also in the context of specific regions.

Immediate and decisive actions by the country governments are crucial. Given the narrowing of the fiscal space, as well as the current macroeconomic and geopolitical issues in the world, government measures must be extremely effective and efficient.

The session also assessed the relationship between digitalization and inequality. Expanding the coverage and enabling an access to an internet, technology, and digital services for a wider population is key, as it opens up new opportunities for people and creates conditions for inclusive development. Doctor Albert Park has also highlighted the role of globalization and investment in human capital as drivers of growth and inequality reduction.

The Eurasian Resources Group (ERG) is the general sponsor of Astana Finance Days 2022.

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The Astana International Financial Centre (AIFC) is an independent jurisdiction that started operations in 2018. In accordance with the Development Strategy until 2025, the key focus of the AIFC is to consolidate as a universal platform connecting the countries of the EAEU, Central Asia and the Caucasus. www.aifc.kz