Millions Are Tumbling Out of the Global Middle Class in Historic Setback

This is not a well-written article. i still do not understand why exactly ths middle class is contracting beyond &quot;it&#x27;s the virus&quot;, what consequences it will have, and how serious it is.<p>I do love that they considered more than just Europe and North America, but I wish they taught me anything.

<i>Then, in early March, the country recorded its first Covid-19 infection and imposed a strict lockdown that would contribute to South Africa’s biggest economic ­contraction in a century. By July, Kganyane’s employer, one of the country’s largest clothing retailers, was facing bankruptcy. She was laid off...&quot;</i><p>I&#x27;m assuming that she worked for Edcon, which was doomed well before Covid and the lockdowns, as a result of a disastrous private equity buyout by Bain Capital in 2007. <a href="https:&#x2F;&#x2F;www.businessoffashion.com&#x2F;articles&#x2F;finance&#x2F;bain-exit-leaves-edcon-struggling-in-south-africa-retail-slump" rel="nofollow">https:&#x2F;&#x2F;www.businessoffashion.com&#x2F;articles&#x2F;finance&#x2F;bain-exit...</a><p>It makes me suspect that there is an ideological axe being ground in this article.