First World problems aren’t really problems. Watch this video. Makes you think!
|Source – The Economist|
The Economist – For the past couple of decades, emerging economies have grabbed a rising share of world manufacturing production and exports, thanks to their lower wage costs. They already produce more than half the world’s exports. But an important new milestone will be reached in 2012, when they will import more goods than rich economies.
That is a dramatic change since 2000, when they imported barely half as much as rich countries did. This rapid growth in developing countries’ buying power will boost the profits of companies in rich economies over the coming years.
Falling incomes will mean the biggest drop for middle-income families since the 1970s, says a report from the Institute for Fiscal Studies.
The IFS forecasts two years “dominated by a large decline” in incomes, pushing 600,000 more children into poverty,
By 2013 there will be 3.1 million children in poverty in the UK, according to the IFS projections.
Watch the video below to find out more: