Millions Are Tumbling Out of the Global Middle Class in Historic Setback An estimated 150 million slipped down the economic ladder in 2020, the first pullback in almost three decades.
One of the most economically significant trends of the past few decades has been the emergence of a global middle class.
You can now add that to the list of economic truths that have been upended by this pandemic.
For the first time since the 1990s, the global Âmiddle class shrank last year, according to a recent Pew Research Center estimate.
China, which by Pewâs definition is home to one-third of the worldâs middle class, appears to be recovering quickly, but many other developing countries face diminished economic prospects.
Global GDP Shortfall Forecasts point to a struggle for emerging economies to get back to pre-pandemic path Source: Bloomberg Economics.
According to Pew Research Center, Indiaâs middle class shrank by 32 million people in 2020. »
