The Impact of income inequality on economic growth: Lithuanian case
ENIncome inequality has a profound impact on both microeconomics and macroeconomics. According to the data of Oxfam, only 62 people around the world own as much wealth as the world's 3.5 billion poorest people. Many of the various problems that occur in urban or rural areas are identified as side effects that can be positive or negative. Importantly, a negative side effect can affect the economy by reducing or slowing its growth. Comparing the Gross Domestic Product (GDP) per capita in Lithuania in 2010 with the third quarter of 2019 it can be noticed that the average GDP has increased by 1.959 times. Economic growth in Lithuania is evident, however demographic problems have persisted not only in Lithuania but worldwide. Keywords: income inequality, economic growth. [From the publication]
