04.January.2019 – Asia
Rise of middle class in Asia is contributing to the world economy
With solid economic growth in both developed and developing countries, the world has experienced an explosive growth of the middle class. The Brookings Institution defined the middle-class households as those with incomes between $11 and $110 per person per day in purchasing power parity terms. The largest portion of this growth comes from the Asia Pacific region as the number of individuals in the middle-class income group is expected to more than double from 2015 to 2030.
The largest recent growth of the middle-income class has come from China. However, it is expected that India will have the greatest number of middle-class households in the coming years. According to the Emerging Middle Class in Developing Countries working paper released by OECD, India’s population is set to overtake China’s and the middle class will overtake that of the United States, Europe and China from 2027. Sales of household appliances, including washing machines and microwave ovens, have been growing consistently in the last decade in India. As the world has been experiencing a reduction in poverty and the consequent rise of middle-income class, India is likely to benefit from such economic development with its large population in the coming years. The growth of the middle class fosters an environment conducive to economic growth as more consumers emerge, and thus bodes well for the global economy.
 Homi Kharas. (January 2010). OECD Development Center. The Emerging Middle Class in Developing Countries
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