The head of the Bank of Korea(BOK) has expressed concerns that a widening gap between high- and low-income earners will have negative effects on the global economy.
 
BOK Governor Lee Ju-yeol delivered the opinion during an international conference on global economic and financial challenges for the next decade, which was hosted by the Korean central bank in Seoul on Thursday morning.
 
Lee said that earnings inequality is the biggest structural challenge facing the global economy and inclusive growth is the only solution to the problem. Inclusive growth refers to a concept that advocates equitable economic opportunities for all people and a fair distribution of increased prosperity.
 
The BOK head noted that discussions are under way on how to boost job creation and household earnings. He added that the aging population is another serious problem for economic growth.
 
Attendees at the conference include international and domestic academics and experts, such as Nobel Prize laureate in economics Thomas Sargent and president of the Federal Reserve Bank of San Francisco John Williams. The conference ends on Friday.