The GINI coefficient is a statistical measure that quantifies the extent of income or wealth inequality within a country. It ranges from 0 to 1, where 0 represents perfect equality and 1 represents extreme inequality.
Related terms
Poverty line: The poverty line is a threshold below which individuals or households are considered to be living in poverty.
Human Development Index (HDI): HDI is a composite index that measures overall development by considering factors like life expectancy, education levels, and per capita income.
Lorenz curve: The Lorenz curve graphically represents income distribution within a population and can help visualize the level of inequality in society.