Summary of The Unprecedented Expansion of the Global Middle Class

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The Unprecedented Expansion of the Global Middle Class summary
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Globalization has expanded the market for goods and services worldwide, and the rise of the middle class in developing countries offers a growing consumer base that provides businesses with enormous opportunities. Economist and policy expert Homi Kharas looks into the implications that the growth of the global middle class – which he predicts will reach the five billion mark by 2028 – holds for the environment and the economy. getAbstract recommends his informative though quantitative report to social scientists, economists and marketers.

In this summary, you will learn

  • How the ranks of the middle class are growing worldwide,
  • What this growth means for global consumption and
  • How this trend will affect climate change.
 

About the Author

Homi Kharas is deputy director of the Global Economy and Development Program at the Brookings Institution.

 

Summary

The middle class – defined as those households earning between $14,600 and $146,000 per year – is on target to make up a majority of the world population, a historic first, beginning around 2020. Around 1985, some 150 years after the start of the Industrial Revolution, the middle class became one billion...

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