EBRD: Inequality Threatens Future of Central Europe

World | November 3, 2016, Thursday // 18:29
Bulgaria: EBRD: Inequality Threatens Future of Central Europe BGNES

Countries from the former Communist bloc have achieved significant progress in the transition to market economy but continuing inequality in their societies is becoming an ever greater threat to their long-term development.

This is especially true of Central Europe, where the average income has increased significantly and poverty has been reduced since the end of the 1990’s, announced the European Bank for Reconstruction and Development (EBRD).

But it depends on whom you ask since the answers in the three strictly differentiated income groups are quite different. Only people belonging to the wealthiest 27% have felt their income increase above the average.

The income of one-third (33%) has increased at a rate slower than that of the wealthy G-7 states.

Every fourth person (23%) has said that, in reality, his/her income is worse than before 1989.

The data is presented in an extensive survey of 51,000 households in 34 countries in which EBRD operates. Its third edition is for the period from the end of 2015 and the beginning of 2016.

Participants are asked to respond on a scale of 1 to 5 to the statement “Generally speaking, I am satisfied with my life now.”

The cumulative result is that a mere 44% state that what was promised after 1989 is truly taking place in terms of catching up with Western living standards.

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Tags: communist, EBRD, survey, Central Europe, income, living standards
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