Countries across the globe are failing to grasp opportunities to reduce the wage gap between rich and poor while maintaining growth, according to findings from the World Economic Forum (WEF).
In a report issued Monday, the Swiss nonprofit foundation, said that every countries had room to cut income inequality. WEF added that it was possible to promote economic growth and inclusiveness simultaneously—a highly contentious point among economists and policymakers.
"There are huge debates about inequality around the world. Even coming out of the crisis in 2008, the G-20 leaders identified that they needed—we all needed—a more inclusive version of growth," Richard Samans, a member of WEF's managing board, told CNBC on Monday.
WEF based its first "Inclusive growth and development report" on data from 112 countries covering education, employment, entrepreneurship, financial systems, corruption, basic services and infrastructure and taxation.