There was a lot of interest from our readers in this recent graphic depicting the fastest growing middle-class countries in Africa and some recent research from consulting giant Accenture provides some further insights into how the global economy will change in the next few 18 years.
In a report entitled "High-Growth Markets: Scaling Business Innovations to Grow with the Future Middle Class" - Accenture conclude that businesses, governments and even Non-Governmental Organisations (NGOs) can strategically position themselves if they understand where the growth is.
An extract from the report says:
In low-income communities around the world, consumers who are starting to accumulate some disposable income want to improve their lives. They don’t necessarily yearn for luxury products and services; rather, they want simple and affordable offerings—like clean water, over-the-counter medicines or technologies that can help them sell their crops. Yet the societies in which they live often lack the institutions as well as the infrastructure to take part in the markets that make such goods and services available.
Companies that develop products and services that address institutional and infrastructural deficits can help low-income communities enter the growing global middle class. The most successful companies can also generate new growth possibilities with such ventures—which we call inclusive business initiatives (IBIs).
Here is how the global middle-class will evolve between now and 2030: