UN finds rising prosperity in southern nations [View all]
Source: Associated Press
UN finds rising prosperity in southern nations
| March 14, 2013 | Updated: March 14, 2013 9:37pm
MEXICO CITY (AP) — The proportion of the world's middle class living in developing nations more than doubled between 1990 and 2010 and is expected to rise to more than 80 percent of the globe's total by 2030, a United Nations report said Thursday.
The U.N. Development Program's 2013 Human Development report, released in Mexico City, says the share of middle-class people living in "the global south" expanded from 26 percent to 58 percent over 20 years.
By 2030, developing nations will have the vast majority of the world's middle-class people, and account for 70 percent of total consumer spending, it said.
The report predicts that by the end of the current decade, the economic output of Brazil, India and China will outstrip that of the United States, Germany, Britain, Canada, France and Italy combined.
Read more: http://www.chron.com/news/world/article/UN-finds-rising-prosperity-in-southern-nations-4355619.php?cmpid=usworldhcat
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