Over the past two decades the number of people living in absolute poverty - defined by the World Bank as income of less than $1.25 per day - has fallen by over 500 million.
The chart below, which is from the OECD Factblog, shows the extent of the decline.
According to the OECD, about 65 developing world economies have grown twice as fast as richer OECD ones over the past 20 years. This has resulted in:
- the number of "poor" countries falling from 55 in 1990 to 25 today.
- 65 developing countries converging economically with affluent countries.
- the OECD forecasting the developing world will produce 57% of world GDP by 2030 - up from just 38% in 1990.
The reduction in poverty levels in the developing world is accompanied by a growing middle class. We expect developing world economic growth will result in 1 billion new, middle class, developing world consumers joining the global economy over the next decade.
This is why Industrializing Countries Emerge as the New Engine for Global Growth is one of the key trends in the Intuit 2020 Report.