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People's living standard of living is on average still low by western standards.
That's an 8.8% higher living standard over the baseline living standard.
"But the living standard has to fall anyway".
The other six will have a living standard above poverty.
This is because "living standard" is a highly amorphous concept.
Stacy's living standard is only $18,978.
This raises her living standard to $26,730.
Yes, this affects your living standard now.
So the living standard is very high.
That's 3.3% better than the baseline living standard.
Therefore, the economy is classified into the third tier according to the average living standard.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com