The World Bank reports that in Latin America poverty has decreased in the last decade. The report cites that middle class in the region, including the Caribbean, increased from 103 million in 2003 to 152 million in 2010. “A large number of people who were poor in the late 1990s are now no longer poor,” says Hasan Tuluy, World Bank Vice President, Latin America and the Caribbean Region.
However, writing for the Institute of Development Studies blog, Carlos Fortin gives us a coveat. Here are his two points:
- The average Gini in 2010 for the 12 countries that are improving was 0.482, compared with 0.257 for the Scandinavian countries.
- The rate of improvement over the 10 years is very modest indeed; should the tendency be maintained it would take the 12 countries 50 years to reach the level of equality of Scandinavia.
In any study like this, there’s always two stories that prevail. Generally speaking neither on is exactly right. That why there’s always a third option.
We have proposed what has come to be known as The Turbo-Charged Global Project. In the manifesto, we posit five points we think are important for countries to transform their culture from rags to riches.
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