By Gerhardt (Gary) P. Herbert, CFA; Reina Berlien
The economies of Brazil, India, Mexico, and South Africa have undergone an important structural shift since the 1990s, where private consumption has overtaken government spending and exports as the main contributor to GDP. On the surface, consumption remains intact in Chart 1:
While consumption might be increasing over time, what's of paramount importance is whether the average person is getting his/her "fair share" of that economic pie. Looking at the percentage increase of nominal wages year-over-year in Chart 2 doesn't paint a particularly sanguine outlook, even in