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The U.S., U.K. and China are roaring ahead, while most lower income nations are struggling, reversing decades of progress in alleviating global poverty. ‘This has become the inequality virus.’

In the U.S., economists are forecasting a return to boomtime growth levels of the “roaring 20s”; China’s economy expanded at a record 18.3% in the first quarter; and the U.K. is growing faster than at any time since the end of World War II.

The middle class in developing countries, a key engine of economic, educational and political development, is contracting rapidly, but it has barely been dented in the U.S. and China, according to the Pew Research Center.

While the rapid U.S. rebound has already catapulted its economy back to growth, lower income countries will take years to return to 2019 levels.
The International Monetary Fund, which calls the dynamic “the great divergence,” warns that many developing economies outside the advanced economies and China could languish for years.
In Latin America, after 15 years of growth powered by commodity exports that lifted millions out of poverty, the economy contracted 7.4% in 2020, the worst downturn since 1821, when the region was immersed in independence wars, the Inter-American Development Bank said in March in its annual economic report.

The World Bank estimates that up to 150 million people will be pushed into extreme poverty as a result of the Covid crunch.

The pandemic has led 34 million people to the brink of famine, according to the World Food Program, a record 35% rise in a single year.

ULTRA-condensed knowledge

WARNING, WSJ,

The World Bank estimates that up to 150 million people will be pushed into extreme poverty as a result of the Covid crunch.

Alert, WSJ,

The U.S., U.K. and China are roaring ahead, while most lower income nations are struggling, reversing decades of progress in alleviating global poverty. ‘This has become the inequality virus.’

Alert, WSJ,

The middle class in developing countries, a key engine of economic, educational and political development, is contracting rapidly, but it has barely been dented in the U.S. and China, according to the Pew Research Center.

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Condensed knowledge

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The U.S., U.K. and China are roaring ahead, while most lower income nations are struggling, reversing decades of progress in alleviating global poverty. ‘This has become the inequality virus.’

In the U.S., economists are forecasting a return to boomtime growth levels of the “roaring 20s”; China’s economy expanded at a record 18.3% in the first quarter; and the U.K. is growing faster than at any time since the end of World War II.

The middle class in developing countries, a key engine of economic, educational and political development, is contracting rapidly, but it has barely been dented in the U.S. and China, according to the Pew Research Center.

While the rapid U.S. rebound has already catapulted its economy back to growth, lower income countries will take years to return to 2019 levels.
The International Monetary Fund, which calls the dynamic “the great divergence,” warns that many developing economies outside the advanced economies and China could languish for years.
In Latin America, after 15 years of growth powered by commodity exports that lifted millions out of poverty, the economy contracted 7.4% in 2020, the worst downturn since 1821, when the region was immersed in independence wars, the Inter-American Development Bank said in March in its annual economic report.

The World Bank estimates that up to 150 million people will be pushed into extreme poverty as a result of the Covid crunch.

The pandemic has led 34 million people to the brink of famine, according to the World Food Program, a record 35% rise in a single year.

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[genioux fact deduced or extracted from WSJ]

This is a “genioux fact fast solution.”

Tag Warnings those traveling at high speed on GKPath

WARNING, WSJ,

The World Bank estimates that up to 150 million people will be pushed into extreme poverty as a result of the Covid crunch.

Tag Alerts those traveling at high speed on GKPath

Alert, WSJ,

The U.S., U.K. and China are roaring ahead, while most lower income nations are struggling, reversing decades of progress in alleviating global poverty. ‘This has become the inequality virus.’

Alert, WSJ,

The middle class in developing countries, a key engine of economic, educational and political development, is contracting rapidly, but it has barely been dented in the U.S. and China, according to the Pew Research Center.

Type of essential knowledge of this “genioux fact”: Essential Analyzed Knowledge (EAK).

Type of validity of the "genioux fact".

Inherited from sources + Supported by the knowledge of one or more experts.

Authors of the genioux fact

Fernando Machuca

References

Covid’s Next Challenge: The Growing Divide Between Rich and Poor Economies, Joe Parkinson in Johannesburg, May 18, 2021, The Wall Street Journal, WSJ.

ABOUT THE AUTHORS

Joe Parkinson

Africa Bureau Chief, The Wall Street Journal

Twitter account: @JoeWSJ

Joe is the Wall Street Journal’s Africa Bureau Chief, leading a team of correspondents chronicling business, policy and geopolitical trends across the continent. He was previously the Journal’s Bureau Chief in Istanbul — where he covered Turkey, the Arab Uprisings and the global migration crisis — and a correspondent in London, covering the euro zone crisis. He was part of a team of reporters that were Pulitzer finalists for coverage of the Turkish coup and its aftermath in 2016.