Universal social protection: From poverty to inequality
The global poverty rate fell from 36% in 1990 to 10% in 2015, or by a billion people. At the same time, inequality rose across the world, particularly in China and India, which have driven the decline in global poverty. Social protection is playing an increasingly important role in reducing poverty thanks to higher coverage, better programmes and greater financing. However, social protection’s potential as a mechanism to reduce inequality is under-utilised, even though it is widely accepted as a key component of inclusive growth strategies. This session will explore not only whether the time is right to expand the focus of social protection to include inequality and achieve SDG10 but also how unlocking inclusive growth through universal social protection might be key to lasting prosperity for all.