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In 2020, the global middle class will shrink for the first time in nearly 30 years From Pew

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It is estimated that 150 million people will decline from the economic ladder in 2020, the first decline in nearly 30 years. Millions of people have left the global middle class in a historic setback. According to the latest estimates from the Pew Research Center, the number of middle class people in the world fell last year for the first time since the 1990s. In 2020, about 150 million people (equivalent to the total population of Britain and Germany) will decline on the economic ladder, with South Asia and sub Saharan Africa having the largest decline.

A historic setback

The decline of the middle class in each country is quite different. According to the forecast, by 2021, India’s GDP will be 5.2% lower than in previous years. Indonesia’s GDP will be 9.2% lower than the pre crisis forecast, while the United States will only be 1.6% lower.

Fernandez said that like other countries, the poorest people in India have suffered the greatest economic pain caused by the new coronavirus crisis. But the economic downturn has also made a large number of white-collar jobs such as engineers and teachers disappear. According to the report, from April to August last year, about 21 million wage earners were unemployed.

According to the Pew Research Center, the number of middle class people in India will decrease by 32 million in 2020, accounting for about 60% of the decrease in the global population with a daily income of $10 to $20. Since India began economic liberalization in 1991, this reduction seems to be the largest in India.

New coronavirus leads to economic recession

The Pew Research Center reports that the epidemic has hindered the growth of the global middle class and exacerbated global economic poverty.

A new analysis by the Pew Research Center finds that by 2020, the global middle class population will be 54 million fewer than expected before the pandemic. At the same time, the number of people living in poverty has increased by about 131 million due to the economic recession.

According to the definition of the report, the daily living expenses of middle-income people range from $10.01 to $20, that is, the annual income of a family of four ranges from $14600 to $29200. By the standards of developed economies, this is moderate. In fact, it crosses the official poverty line in the United States – about $23000 for a family of four in 2020 (at 2011 prices). By global standards, the poor live on less than $2 a day, and a family of four lives on less than $2920 a year.

Since 2020, the number of new people in the global economy has decreased by more than half, according to estimates, by about 6200 people per day. At the same time, the middle and high-income population (US $20.01 to US $50 per day) has decreased by 36 million, while the low-income population (US $2.01 to US $10 per day) is estimated to have increased by 21 million.

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