Poverty rate is the measurement of a country’s population living below the poverty line. Normally a percentage mark has been attributed to measure the poverty rate. For the major part of last decades, Western Europe, US and Japan used to have the least poverty rates in the world. But this scenario is slowly changing. A lot of impoverished part of Asia is coming out of poverty in a rapid way.
United States is the number one country in terms of GDP. It controls almost a quarter of the whole worlds’ GDP. However, things are becoming difficult for United States since the recession hits. Right now, 46 million people are below the poverty line, which s 15% of the whole population. This is their highest rate in the last 52 years. Same economic scenario is more or less prevalent in a lot of Western European countries apart from Germany. On the other hand, far-eastern countries are really doing well in the last 3 decades. Take a look at South Korea, which used to be an agricultural country after World War II. However, it has turned its fortune around and now it has become a very industrialized country, which has a lower poverty rate than a lot of Western countries. There are also some good examples in East Asia and South-East Asia, specially Singapore, Hong Kong, Taiwan etc. However, the biggest example is China. China used to be a very poor country after World War II. However, things have been very much changed right now. Back in 1945, China had a poverty rate of 70%. In 2012, the poverty rate of China is roughly 10%. In the last 3 decades, nearly 600 million came out of poverty. China’s development is the fastest in the history of human civilization. China becomes world’s biggest exporter of different goods, making them a mass producer. The middle class in China is the biggest in the whole world. Some other Asian countries are creating a good domestic demand in order to grow their economy and reducing poverty rates. Countries like Thailand, Malaysia and Indonesia are good examples of this model. The poverty rate in South Asia is much higher in comparison to East Asia and South-East Asia; however it is also decreasing in a good rate as well. India has a poverty rate of 33%, which is significantly lower than 1990’s when it was more than 40%. In my home country Bangladesh, nearly 25% population has come out of poverty in the last 3 decades. Pakistan and Sri Lanka have also decreased their poverty. One thing needs to be mentioned though; the poverty level standard varies from country to country. In United States, the poorer people are still living a much better life in comparison to the poor’s in the third world countries.
This same scenario can be found inBrazil, which is reducing its poverty in a good rate. This graphs and statistics can only lead to one conclusion;Asia is slowly becoming the driving force in world economy. A lot of brutally colonized part ofAsia is coming out of poverty. This could only be good news for the US and European companies, now they have huge middle class consumers of China, India and South-East Asia to target to and it is a great news for the first world economies in the long-run.