Stagnating global growth has slowed the catch-up rate of developing countries
The Rise & Fall of the Middle Class is a global thematic, looking at the socio-economic landscape across the globe and better lifestyles in a number of countries, like China, India and other emerging market economies. As disposable incomes improve and quality of life rises, this new middle class spurs demand for goods and services that previously had not been there. Clothing and other textiles, cosmetics and other sundries, food and energy, electronics, and so on.
The slowdown of the world’s economy has also impacted developing countries as well, pushing out the period of time it is taking them to catch up to developed country standards . . .
Yet as the World Bank notes in a new report, faltering growth rates mean the gap between the rich and the rest is closing ever more slowly. At the pace of growth enjoyed a decade ago, emerging markets would have reached current American living standards in just over a generation. At more recent growth rates, high incomes will be decades longer in arriving.
Source: Daily Chart: Developing economies are catching up ever more slowly | The Economist
