Thursday, June 07, 2007

Globalization Lifts 300m Indians Out of Poverty

From The Economist magazine's article "Luxury goods in India: Maharajahs in the shopping mall:"

"India has fewer than 100,000 millionaires (measured in USD) among its one billion-plus population, according to American Express, a financial-services firm. It predicts that this number will grow by 12.8% a year for the next three years. The longer-term ascendance of India's middle class, meanwhile, has been charted by the McKinsey Global Institute, which predicts that average incomes will have tripled by 2025, lifting nearly 300m Indians out of poverty and causing the middle class to grow more than tenfold, to 583m."

MP: When free markets, international trade and globalization lift hundreds of millions of people out of poverty, do we really need the World Bank and IMF?

Here's a link to the McKinsey report "The 'Bird of Gold': The Rise of India's Consumer Market" (free subscription required).

"If India continues on its current high growth path, incomes will almost triple over the next two decades, and the country will climb from its position as the twelfth-largest consumer market today to become the world's fifth-largest consumer market by 2025 (equal to Germany)."


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