Question

The COVID-19 crisis will certainly cause a fall of global trade.

Explain what the Gini Index is and explain how do you expect the Gini Index to evolve in 2 of the BRICS countries during the next 3 years. Present specific data to support your argument.

Answer 1

*Answer:

What is GINI Index

The Gini index is a simple measure of the distribution of income across income percentiles in a population. A higher Gini index indicates greater inequality, with high income individuals receiving much larger percentages of the total income of the population.

GINI index of INDIA
35.2 (%) in 2020
India GINI index was 47.9 % in 2018, unchanged from the previous year.

The description is composed by our digital data assistant.
Gini index measures the extent to which the distribution of income or consumption expenditure among individuals or households within an economy deviates from a perfectly equal distribution. A Lorenz curve plots the cumulative percentages of total income received against the cumulative number of recipients, starting with the poorest individual or household. The Gini index measures the area between the Lorenz curve and a hypothetical line of absolute equality, expressed as a percentage of the maximum area under the line. Thus a Gini index of 0 represents perfect equality, while an index of 100 implies perfect inequality.

GINI index of SOUTH AFRICA

62.5 (%) in 2020

South Africa is one of the most unequal countries in the world, with a Gini coefficient of 0.625. In 2005, the Gini coefficient was even higher at 0.650. In South Africa, the richest 10% hold 71% of the wealth, while the poorest 60% hold just 7% of the wealth. Additionally, more than half of South Africa’s population, about 55.5%, live in poverty, earning less than $83 per month.

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Gini index is predicted only till 2020. So future data source is not available.