Headline, November 02 2020/ ''' '' WORLD'S WORRYING WONDER '' ''' : ECONOMICS




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CANADA : IS THE WORLD'S BIGGEST EXPORTER OF LOBSTERS, with about $1.1 billion of lobsters sent annually to the United States. Nova Scotia is among the country's leading lobster producers.

The lobster skirmish began last month after the Sipekne'katik First Nation opened its own fishery enterprise and began fishing for lobsters outside of the federal season, which takes place in the area from Nov 30 to May 30.

Commercial fishermen viewed the Indigenous fishery as a threat to their livelihoods, and acts of sabotage began soon after. A fishing boat owned by an indigenous fisherman was burned as the conflict turned violent.

The Sipekne Katik are part of the Mi'kmaq people, who live along Canada's Atlantic coast, among other areas. Under a treaty dating to 1752, the Mi'kmaq have a right to hunt and fish to earn a ''moderate livelihood''. That right was cemented in 1999 in a ruling by Canada's Supreme Court.

IN THE DEVELOPING WORLD, say, India, Pakistan, Sri Lanka, Bangladesh, to name just a tiny few, when shopkeepers complain that their sales have gone down substantially in volume terms, they in fact, are pointing towards fast diminishing real middle class.

The notion that those living above poverty level are the real-middle class is not true because they are not the actual consuming class that drives the economy. They have no voice in the society.

Middle class in relative terms can be defined as the middle income range of each country. The problem with this approach is that each country has a different median income, so the definition of what is  middle class shifts from place to place.

A more prudent method is to use a fixed income band for all countries. This is a more representative method because this constitutes empowered segment of society in every country.

The real consuming families in developing economies can between $10,000 and $50,000 a year. Thirty months back it meant that any Pakistani earning Rs 110,000 was in middle class. That comes to Rs 1.32 million a year or $12,000 per year.

Today, the income of a person earning Rs 1.32 million a tear comes to Rs $8, 148 [@ Rs162]. Even a person earning Rs 100,000 per month two and a half years back earned $10,909 per year. That income has now dwindled to $7, 407 per year.

Those earning between $10,000 and $50,000 per annum are the real middle class that has voice in society. The effective middle-class comprising industry professionals, scientists, doctors, engineers play a pivotal role in the growth of a country.

Based on lower cost of living in developing economies those earnings over $10,000 a year enjoy the same living standards as enjoyed by a person earning $25,000 in a developed country.

Income disparities in INDIA are much more pronounced than Pakistan., but it has developed a consuming base of 300 million strong upper middle class earning between $10,000 to $50,000 a year that Pakistan lacks proportionate to its population.

The presence of such a strong upper middle class comprising 22 percent of Indian population is the main reason for its robust economy. In contrast, such a high earning middle class is limited to hardly four million in Pakistan, which accounts for less than 2.0 percent of its population.

Resource distribution in recent years have been fairer in India for the skilled and professional workers. Over 6 million of its IT workforce earns much above the minimum threshold of $10,000.

Pakistan unfortunately lacks the high skill world force and high-tech industries, which was evident from its dismal growth. Moreover, at least 100,000 to 200,000 real middle class has been relegated to lower level due to devaluation of rupee.

The higher-dollar value has also increased the cost of living for the consuming class that buys products that buys products that are either imported ot have substantial imported input.

IN INDIA, the local and international banks are making consumer credit increasingly available to middle-class borrowers. This is spurring a new wave of consumer spending unprecedented in India's history. Whereas in Pakistan the commercial banks are pulling out of consumer finance as it carries high risk due to limited incomes of the middle class.

The middle-class in Bangladesh has also expanded at a great pace in the last decade. It is because of this increase in its consuming class that Bangladesh is expected to grow at a  higher pace than India, which up till now was the global growth leader.

INDIAN middle class has also tripled in last one decade as in 2009 only percent were earning above $10,000. The momentum has been set for both India and Bangladesh and their middle-class would grow for years to come.

PAKISTAN needs to increase its effective middle class by increasing its spending on education and skill training. Only after that, can the Pakistani students dream of sustained growth even on local consumption.

The Honor and Serving of the Latest Global Operational Research on Economics, Governance and Affluence, continues. The World Students Society thanks authors Dan Bilefsky, and Mansoor Ahmad.

With respectful dedication to the great nations of Canada, Bangladesh, India and Proud Pakistan :  Leaders, Founder Framers, Grandparents, Parents, Students, Professors and Teachers.

See Ya all prepare and register for Great Global Elections on The World Students Society : wssciw.blogspot.com and Twitter - !E-WOW! - The ecosystem 2011 :

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Good Night and God Bless

SAM Daily Times - the Voice of the Voiceless


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