Transcription of The Emerging Middle Class in Developing Countries
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The Emerging Middle Class in Developing Countries
The Emerging Middle Class in Developing CountriesHomi Kharas, Brookings InstitutionJune XX, 20111 Introduction Middle Class consumers in the US and other G7 powers have been a key source of demand in the global economy for the last 50 years. But with weak expected growth in US and European consumption going forward, where will future global demand growth come from? The Middle classes in Emerging economies, especially in Asia We are reaching a tipping point, where over the next several years the global Middle Class will expand dramatically.
2 Why is the middle class important for growth? • Income elasticities of demand greater than one (esp. durables) » Kink in demand curves at PPP$6000
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