The pandemic has pushed millions out of the global middle class and increased the number of poor (those living on US$2 or less a day) by 131 million.
The number would have been even bigger except for China’s pandemic containment. The World Bank expects China’s GDP to return to pre-pandemic levels by the end of 2021.
The economic power shift megatrend shows China and India will account for 35% of the world’s population by 2050. Despite the devastation wrought by Covid-19 the World Bank expects India to make good on its pre-pandemic poverty reduction efforts. India should take its place as the second strongest economy within what will become the world’s largest trading region.
Megatrends watch: economic power shift
Image: Ali Arif Soydaş