Wednesday, 14 November 2012 20:39
World bank study shows Latin American middle class to be thriving.
Latin American middle class has grown by 50 percent between 2003 and 2009, World Bank revealed in a study
made public Tuesday. The World Bank gauged “middle class” as workers who earn between US$10 and $50 a day.
About 42 percent of Chile’s population was said to be part of the middle class ranking it third in the region after Uruguay and Argentina.
“Chile is one of the countries with the strongest middle classes in Latin America,” Jamele Rigolini Senior Economist at the World Bank told The Santiago Times. “It is already a middle class society, or really close to becoming one.”
Chile also stood at the forefront of countries in the region for social mobility, showing 60 percent of the population to have improved their economic situation while 40 percent maintained it between 1992 and 2009. Costa Rica, Brazil and Colombia followed Chile’s lead with similar percentages of upward mobility.
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