No. Though what do you mean by economic equality? There can never be economic equality when society values some things people do more than others. A doctor will always be valued and rewarded more than the person who cleans his/her office, and democracy has nothing to do with that.
If you actually mean an economy that is fair and where the gap between rich and poor is much narrower than what we see today in pretty much every country, I think this is only possible in a democracy. But not a democracy of the sort we have operating in the world today. What we have in today's democracies is too much money talking, and politicians only thinking far enough ahead to get themselves re-elected. That is not a recipe for a fairer economy and a more equitable distribution of wealth.
“The fundamental cause of the trouble is that in the modern world the stupid are cocksure while the intelligent are full of doubt.” - Bertrand Russell
"When the power of love overcomes the love of power, the world will know peace."
Jimi Hendrix
