The World Bank just finished a ground-breaking new study. It looked at household surveys across Latin America. It calculates that Latin America’s middle class grew by 50%, from 103 million to 152 million between 2003 and 2009. That represents very rapid social progress. But it means that only 30% of the region’s population is middle class. A larger group has left poverty, but barely.
This social progress is the result of a rare combination of faster economic growth, low unemployment and falling income-inequality.
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