For the past five years, the world economy has been in crisis. However, if we take a longer view and survey economic developments over the past three decades, it would certainly be right to highlight one remarkable success.

Since 1981, the number of people living on less than $2 per day, the definition of poverty set by the Asian Development Bank, has almost halved. The rich world may be engaged in a debate about rising inequality in western societies. But economic growth in China, India and Africa has made the world far more equal than it was.

This is no time for complacency, however. While policy makers are undoubtedly working hard to reduce poverty still further, there is a risk that those with incomes above $2 per day will soon slip back into the ranks of the world’s poor. The reason to be fearful is that the world looks set to face years of subpar growth. The emerging market growth spurt of the past 30 years is coming to an end. The dramatic poverty alleviation we have seen may therefore be quickly reversed.