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70 million people joined the middle classes in 2009
and a further 1 billion expected to become middle class by 2020.
An article from Newsweek suggests that Western middle classes are falling into debt and distress, while in China, Brazil, Russia, Turkey, India and Indonesia new middle classes are emerging.
The article suggests that assumptions have been made that these new middle classes would follow the Western pattern, but Brazil's new middle class are applauding more state control of their oil industry to keep out greedy foreign firms! And Indonesia has pushed through anti-pornography laws along with creating entire halal cities.
Russian middle classes are said to be happier with freedom from hunger than wanting freedom of speech.
Morgan Stanley (Asia) predicts that in 5 - 10 years the middle class in Asia will pick up the slack left by overspent American consumers.
And China bought more cars than America in 2009.
Big change is afoot! Ann
Read more Ecademy.com
Posted by Ann Andrews CSP, filed under Tool-box News and posted on 15/03/2010
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