Latin America’s Middle-Class Mirage
Rising incomes across the developing world will bring some 400 million people into the middle class by 2020, up from 1.8 billion today. But closer examination of their economic circumstances suggests that these new consumers are neither as wealthy nor as secure as we may think.
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BUENOS AIRES – Rising incomes across the developing world will bring some 400 million people into the middle class by 2020, up from 1.8 billion today. Their increasing spending power, especially on non-essential consumer goods and services, is being hailed as the great hope for the global economy. But closer examination of their economic circumstances suggests that these new consumers are neither as wealthy nor as secure as we may think.