Developing countries now account for almost a third of the world’s production and consumption. By 2030, 80% of the world’s middle class are expected to live in ‘developing’ nations.
Since the G20 Gleneagles Agreement of 2005, aid to African countries especially has increased. The UK has pledged to continue to donate 0.7% of its GDP to developing nations. The UK spends around £3.7 billion on aid every year. Many fewer nations are also less dependent on aid. Ghana is on track to be totally free of aid in the next decade.
The Gleneagles Agreement cleared the debts of 35 countries, mostly in Africa.