The global economy is recovering and moving back to cruising speed. The upswing in the global economic outlook creates significant opportunities to consolidate the global economic recovery ten years after the crisis, while providing the basis to address inequalities. The recovery has yet to translate fully into income gains for all groups as market insecurity and the low-income rate remain high in several OECD countries compared with their levels before the 2008 crisis (OECD, 2018f). The poverty risk has also increased in most OECD countries over the period between the mid-2000s-2015 (OECD, 2017b). Considering that the decade before the crisis has seen high levels of growth, but also increased inequalities in some countries, it is important to ensure that the return of economic dynamism benefits all.
Some countries have made progress in addressing inequalities, but more efforts are needed. Inequalities deepened by the financial crisis in several OECD countries have left large segments of the population with reduced opportunities to improve their economic conditions and well-being for them and their children. The global upswing provides the opportunity to make economies more resilient, and seize on the potential created by technological developments and greater global interconnectedness to strengthen governments’ capacity to promote equal well-being opportunities. However, concerted action is required.