China and India lead Asia's middle class growth. Credit: BBC

China and India lead Asia’s middle class growth.
Credit: BBC

In his last State of the Union address, President Obama made a pitch for “middle class economics” to help America’s beleaguered middle class, which continues to face stagnant wages, job displacement and soaring college costs and debt. His stated goal was to provide Americans with the requisite tools to get ahead in a fast-paced, constantly changing global economy. Of course, the United States middle class is not alone. Those in other advanced industrial countries are suffering similar or worse fates.

Meanwhile, an opposing trend is sweeping the developing world. Both the size and spending of the middle class in emerging market and developing countries are surging, particularly in China and India. By 2030, Asia-Pacific countries will comprise nearly two-thirds of the global middle class, dwarfing the projected one-fifth for Europe and North America combined. (emphasis added) Seized by the dramatic eastward shift of global consumption, a growing number of analysts are examining the potential economic and […]

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