First published on this site in 2019, the edited version is reposted here.
According to a report published by the World Economic Forum, 2018 will be a huge tipping point for humanity. For the first time since civilization began, more humans are either rich or in the middle class instead of those in poverty or susceptible to poverty). More than 50 percent of the population will now be classified as those falling in the middle class ( household spending $11-110 per day per person in 2011 PPP) compared to those in extreme poverty ( per person earning below $1.9 per day). Private consumption accounts for half of the global demand, with the middle class accounting for 67 percent of this consumption. The report further claims that the new middle class is predominantly Asian, with 9 in every 10 of the next billion middle class in China, India, and South and Southeast Asia. The middle class is projected to grow to 5.3 billion by 2030, resulting in an increased focus on differentiated products with innovation as the critical enabler. The best way forward for developing Africa would be to foster drivers will are the catalyst to generate equitable growth.
Bill and Melinda Foundation has also released The Goalkeepers report focusing on youth population growth this year.