What is economic inequality, and how does it become worse during a financial crisis?
Answer (1)
Economic inequality refers to the gap between the rich and the poor in terms of income, wealth, and access to opportunities. During a financial crisis, this gap often becomes wider. Wealthy individuals may still have savings, land, or assets that help them survive or even grow richer, while poor families lose jobs, homes, or food security. In the Philippines, informal workers and daily wage earners are hit hardest during crises, while those with online businesses or financial investments often recover faster. If the government doesn’t provide targeted support, inequality can grow worse and lead to more long-term poverty.
