Wealth Inequality a Threat to East Asia, Pacific, Says World Bank

A rapidly growing gap between rich and poor in many developing East Asian nations is threatening the foundation for the region’s economic success, the World Bank said Monday.

"The whole basis for East Asia’s success was this sense that everything was fair — you worked hard, you got ahead — but that is beginning to unravel a little bit," said Sudhir Shetty, the bank’s chief economist for East Asia and the Pacific.

Booming economic growth has lifted millions in the region out of extreme poverty since the 1980s, but the wave of prosperity has not guaranteed upward mobility and economic security […]