First published on this site in 2019, the edited version is reposted here now.
According to a report published by the World Economic Forum, 2018 is going to be a huge tipping point for humanity. For the first time since civilization began, more humans are either rich or in the middle-class as opposed to 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 middle class accounts 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 spread out in China, India, South and South East 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 key enabler. The best way forward for developing Africa would be to foster drivers will are catalyst to generate equitable growth. Bill and Melinda Foundation have also released The Goalkeepers report with a focus on youth population growth this year. Right Pic World Economic Forum