A data-driven analysis of income inequality trends and their socioeconomic determinants in low-income nations

Abstract

This paper aims to provide a data-based discussion of trends in income inequality and the socioeconomic factors in low income-country settings after which speaks the acute problem of the enduring economic inequality and the determinants of its rise. The first aim is to determine the sources of income inequality with significant factors on the basis of powerful statistical tools that are implemented on cross-national data in the last decades. Applying quantitative methods like regression analysis, factor analysis, seasonal trend modelling, etc., the research studies the variables such as education, working patterns, social policies and economic growth parameters. The results show that there are many interaction complexities between these determinants with educational levels, labor market and social safety nets playing important roles in determining inequality patterns. The conclusion of the study is that the low-income countries require policy interventions on the targeted areas of education and inclusive economic development to reduce income inequality. Such insights are very useful to the policymakers and other development agencies that would wish to promote equitable growth and social stability.