The United Nations Conference on Trade and Development (UNCTAD) launched a new working paper, Global megatrends and the quest for poverty eradication.

Phenomena such as income inequality, climate change, demographic shifts, technological progress and urbanization are shaping the future of society. Experts have analyzed the combined impact of these global trends on socio-economic development over the period 1995–2019. Inequality, urbanization and technological potential have a direct impact on poverty in both the long and medium term.

Poverty reduction requires addressing two interrelated issues: increasing per capita income and reducing income inequality. Measures that promote economic growth and improve the quality of life include:

• Fiscal incentives to increase consumer spending, investment and job creation
• Investment in education and skills development
• Modernization of infrastructure
• Adopting more progressive income tax systems and prioritizing taxes on capital rather than labor
• Developing social protection systems and supporting the most vulnerable segments of the population