Tanzania has been singled out as one of the countries in the world that have managed to reduce economic inequality significantly over recent years, Daily News reports.
The study done by World Bank on poverty and shared prosperity revealed that Tanzania along with Mali, Brazil, Peru and Cambodia were on the list of countries that have recorded good performance in reducing inequality.
The strategies leading to the success in reducing inequality as identified in the research included proven record of building poor people’s earnings, improving access to essential services and improving their long-term development prospects without damaging growth.
According to the statement, “These policies work best when paired with strong growth, good macroeconomic management and well-functioning labor markets that create jobs and enable the poorest to take advantage of those opportunities.”
Extreme poverty worldwide continues to fall despite the lethargic state of the global economy, the study suggests. It further warns that given projected growth trends, reducing high inequality may be a necessary component to reaching the world’s goal of ending extreme poverty by 2030.