Saturday, 5 March 2011

The Rise of Asia's Middle Class

The Key Indicators for Asia and the Pacific 2010 is the flagship annual statistical data book of the Asian Development Bank (ADB). It presents the latest available economic, financial, social, environmental, and Millennium Development Goals (MDG) indicators for regional members of ADB.

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The ADB report defines middle class as those earnings between US$2 and US$20 a day measured in international dollars, which is adjusted for purchasing power parity.
It also divided the middle class into three sub-sections; those in the US$2-US$4 a day range are considered as lower-middle class, those in the range of between US$4 and US$10 are middle-middle class and the those in the US$10 and US$20 are categorised as upper-middle class.
Five Asian countries with the largest middle class by population shares are Azerbaijan, Malaysia, Thailand, Kazakhstan and Georgia. China and India are the top two in absolute numbers. Consumer spending in developing Asia was surprisingly resilient even during the “great recession” in the US and Europe in 2008 and 2009, ADB says.

China's middle class stampede for luxury handbags
Frustration brews as middle-class struggles to afford homes (Malaysia)
Middle class population to touch 267 mn in 5 yrs (India)

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