The middle class in Emerging countries was the cash cow of the worldwide economy over the last decades.
This portion of the emerging country population was the main positive catalyst determining the acceleration of global growth.
An estimated 150 million slipped down the economic ladder in 2020, the first pullback in almost three decades.
The upshot is that India’s middle class shrank by 32 million people in 2020, accounting for 60% of the worldwide drop in the number of people earning $10-$20 a day, according to Pew Research Center estimates.
I highlighted in a previous post the shortfalls in GDPs and even if the USA and China are well placed to get back on pre-Covid levels, the global economy could stay below the 2019 mark till 2024 in absolute terms…
Data from Conab, the national agricultural agency, shows that residents of the world’s No. 1 exporter of beef (Brazil) are eating less of it…
The article from Bloomberg is a great overview of the future problems. Middle classes are shrinking and Market and Political disorders could happen in the coming months.