Spanish PM Pedro Sanchez says rise in inequality is ‘unacceptable’ at Davos World Economic

INEQUALTY CALL: Sanchez criticised the growing gap between rich and poor. CREDIT: Shutterstock and La Moncloa

SPAIN’S Prime Minister has told attendees at the World Economic Forum that the level of global inequality is “unacceptable” and that it is fuelling the rise in populism.

Pedro Sanchez told those gathered in Davos, Switzerland that economics was not an end in itself and that it had to meet people’s needs.

World leaders and businesspeople needed to remember the “mistakes” that were made during the last financial crisis which had cost the global economy 10 years, the Prime Minister added.

“Inequality is destroying our societies. Populism is already the main challenge for democracy and if we had not forgotten that the economy should serve the people maybe it would not have grown to its current level,” Sanchez said.

“The neoliberal economic model offers a hostile world for those who do not belong to the elite,” the Prime Minister added.

The World Economic Forum takes place in Davos every year. It sees politicians, businesspeople and academics gather for talks and meetings on economic, business and financial policy.

Sanchez met with a number of company representatives, including those from Microsoft, Facebook and Amazon.

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