Egypt votes on constitutional amendments    Moderate voter turnout in Dakahlia, Qena in first day of referendum    Above average turnout in Cairo, celebratory atmosphere in most polling stations    Community dialogue seeking to amend Egypt's SDGs strategy begins on Tuesday    A German village goes it alone on climate protection    Egypt targets 6% GDP growth in FY 2019/20: Minister of Finance    EU's Juncker warns of no-deal Brexit amid uncertainty    Trump praises Haftar's role in countering terrorism    Chess world champion Magnus Carlsen wants to keep winning streak going    Eintracht Frankfurt, a perfectly balanced club    Cultural tourism in Egypt thrives due to archaeological discoveries: Al-Mashat    Juventus win eighth Serie A title in a row    NCW chief urges Egyptian women to vote in constitutional referendum    Egypt's Finance Ministry auctions T-bills worth EGP 18.5bn    Egypt cabinet's operations room following up on voting in constitutional referendum    CAF announce venue, referees of Zamalek's test in Confederation Cup semis    Afghan official: Blast rocks country's capital    Four Turkish soldiers killed in clashes with PKK: Ministry    Tennis: Barty beats doubles partner Azarenka to level Fed Cup semi-final    New attack on Ebola center in Congo; 1 militia member killed    Sleep myths may hinder good sleep and health    Iraq to host regional rivals Iran and Saudi Arabia at conference    Egyptians begin voting on constitutional amendments referendum in Egypt    Egypt's economy: Reining in inflation    Mauro Colombo's Tierra Adentro wins Yellow Robin award    Two Egyptian females win 2019 Pulitzer Prize for International Reporting    Beyond chocolate: The egg in art and design    Trump forces Brussels' hand on trade despite tariffs backlash    Uber adds new feature for female drivers to drive only women in Saudi Arabia    Made in Germany, heard in Spain: The Leon cathedral organ connection    Spectacular scene, favourable draw    Sudanese demand ‘legitimate change'    Caught in the middle?    The final draft    Flight prices go sky high    Reining in inflation    Escaping expenses    ‘I don't want sympathy'    Pasta vegetable salad    The economic way ahead    Towards the referendum    Expected exit    Bundeli Kala Parishad troupe's Indian folk dance show at Al-Gumhouriya Theatre is a must go    Paris' Notre Dame    Screen blues    Vatican willing to offer technical know-how to help restore Notre-Dame    Al-Azhar condemns racist chants against Liverpool's Mohamed Salah    In the company of the philosopher Roshdi Rashed in Paris    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





Gap between rich, poor in Egypt shrinking, middle class doing worse: LSE Director
Programmes like Takaful, Karama are hugely important to ensure 1.5-2 million families have minimum income for education, food, says Shafik
Published in Daily News Egypt on 24 - 03 - 2019

Nemat Shafik, also known as Minouche Shafik, is an Egyptian economist who currently occupies the position of the Director of the London School of Economics and Political Science (LSE) and the first woman in the school's history to hold this position. She was the guest speaker in the annual Nadia Younes memorial at the American University in Cairo's Greek Campus last week. Shafik delivered a lecture where she spoke about several aspects of her career and shared her experiences during her work as deputy governor of the Bank of England, as well as her work in the World Bank and the International Monetary Fund (IMF). Shafik discussed the situation of the Egyptian economy and the way changes have been affecting citizens.
Speaking about how luck can affect a person's life and career as opposed to effort, Shafik discussed Egypt's case, saying "contrary to popular perception, inequality in Egypt is actually quite low by international standards in part because states in the Middle East have tended to be highly redistributive."
She also said that introducing programmes to provide needier families with cash in Egypt, like Takaful and Karama, have been hugely important for making sure that nearly between 1.5-2 million families – the poorest in Egypt – have a minimum income that enables them to spend money on things like education and more nutritious food. "But while the gap between rich and poor in Egypt has actually shrunk. The middle class has done relatively worse." In the last decade, the percentage of downwardly mobile Egyptians has actually exceeded the number of upwardly mobile Egyptians, she added.
Shafik noted, therefore, luck has become more important than effort in driving a person's success, which may be a main factor contributing to the observed decline in life satisfaction of citizens in many polls in Egypt.
Furthermore, Shafik pointed out that in most societies, there is a noticeable decline in social mobility in recent decades. "I think much of the current malaise we see in countries like Egypt, the United States, and the United Kingdom is because of that. Spreading opportunity through education, throughout life, fairer job opportunities and more real competition, is probably the biggest social challenge that we face. But addressing it is also vital for our economic success. Since getting the most out of our talent is the path to greater prosperity."
Shafik concluded the lecture by answering a few questions by the attendees who included several public figures, university professors, and students.


Clic here to read the story from its source.