THE LEX COLUMN: Middle classes: mushrooming no longer 🔒
Covid-19 has interrupted the supposedly inexorable rise of the middle classes. Once a trend on which the hopes of governments and purveyors of everything from shampoo to financial services were predicated, middle-class growth has been partially furloughed. In its place: rising poverty.
According to the World Bank, the pandemic will tip up to 60-million people into extreme poverty — that is, living on less than $1.90 a day. That will undo the progress made in the past five years. Slashed remittances — a big source of income for countries from the Philippines to India — and lost jobs weigh disproportionately on the poor.
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