The Economist |
""THE past four years have seen a sharp contrast between recession-hit rich countries and buoyant emerging giants. Estimates from the Asian and African Development Banks, using a rather broad definition of middle class as living on $2-20 a day, confirm the picture. On this measurement, which includes many people who are only just above the poverty line, a third of Africans and three-quarters of Latin Americans were middle class in 2008. Meanwhile, the evidence that this progress will bring political demands that will reshape the develping world is mounting. ""
Wow $2-$20 per day seems like so little to be middle class; we're just spoiled Americans! This is really great bringing countries to more level ground with one another. Will larger economies be able to compete with so many emerging countries though?
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