As hundreds of millions people are lifted from poverty in developing countries, the Asia-Pacific region will be home to two-thirds of the world's middle class by 2030, according to the 2012 Human Development Report published Thursday. The report by the United Nations Development Programme (UNDP) surveying more than 40 developing countries found that education, the fight against poverty and engaging in the global economy have lead to fast-paced growth in East Asian countries such as China, Indonesia, Thailand, Malaysia and Vietnam.
"Emerging powers in the developing world are already sources of innovative social and economic policies and are major trade, investment and increasingly development co-operation partners for other developing countries," said Helen Clark, UNDP administrator, in the report's foreword. Billions of people transitioning into the global middle class marks an increase in social and global connectedness. However, the report notes the income levels in developing countries are far from reaching those of wealthy countries in Europe and North America.
China is leading the charge in development having rapidly become the world's second largest economy. The report credits this fast-paced growth to China's emphasis on educational and transition to an open market. The survey notes that 61 companies on the Fortune 500 list were Chinese in 2011, up from 16 just five years before.
However, the report warns that China's increased wealth has also lead to a more unequal society where the poor can't afford food and healthcare, which need to be addressed in the country's long-term policies. Another issue UNDP warns China of is the environmental damage recent industrialisation has caused, which needs to be solved to maintain growth. Indonesia is also noted as one of the region's successes with its recent move to focus on international trade and the digital revolution of mobile technology connecting people in the island nation.
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