Asian's swelling middle class good news for US economy: ambassador

Singapore

A BURGEONING middle class in Asia will go a long way in creating job opportunities for the United States, said US Ambassador to Singapore Kirk Wagar at the 2015 APCAC Business Summit on Thursday.

Asia will be home to two-thirds of the global middle class by 2030. The Asean economy, in particular, is expected to surpass Japan's to become the fourth largest single market after the EU, US and China, while its population has been predicted to exceed 700 million by 2030.

"In South-east Asia, projections for rapid urbanisation and a swelling middle class mean there will be significant infrastructural needs as well as increased demand for consumer …