Asians to Spend US$32 Trillion by 2030

The emergence of a rising middle class in fast growing Asian economies such as China and India will boost spending in the region which is estimated to reach US$32 trillion by 2030, reports the South China Morning Post, citing the Asian Development Bank.


In a report, the Manila-based bank says that Asia will contribute 43% of worldwide consumption in the next 20 years, beating the spending powers of the US and European middle classes.


Citing the report, the Post says that about 1.9 billion Asians, or more than half of the region's population, earned US$2 to US$20 per day in 2008.


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