Wealth inequality a threat to East Asia – WB

JAKARTA: 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.