The global middle class shrank for the first time in decades last year because of the Covid-19 pandemic, with almost two-thirds of households in developing economies reporting they suffered a loss in income, according to two new estimates based on World Bank data.

In a study published Thursday, researchers at the non-partisan Pew Research Center found that the ranks of the global middle class – those earning $10-$50 per day – fell by 90 million people to almost 2.5 billion last year. That helped swell the ranks of the poor, or those living on less than $2 a day, by 131 million, Pew estimated.

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