Latin America – Model for Growing Middle Class?
“Rapid economic growth and more inclusive social policies in Latin America in the last decade have lifted 50 million people into the middle class, which for the first time rivals the poor in number, the World Bank said in a study on Tuesday.
“Most countries in the region are on their way to becoming middle-class societies; this represents a historic change,” World Bank President Jim Yong Kim told reporters.
Rising income levels have also created a ‘vulnerable’ class, which at 38 percent makes up the largest income group. These people hover just above poverty, living on a daily income between $4 and $10 per person.”*
Cenk Uygur analyzes how Latin American countries ruled by extreme leftists could have succeeded in adding 50 million people to the middle class. Was it commodities, a system with more credence than previously believed, statistics mainly focusing on Brazil, or something else? Dave Koller weighs in.
*Read more from Anna Yukhananov/ Reuters:
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