Been to India or Brazil lately? “Rich” is not the descriptor I would use.
Yes, Rest of World demand is increasing, but the demand curve of Europe, Japan, and the U.S. is depressed. That has indeed kept the price pressure lower than if the latter were enjoying robust growth.
Yeah you’re right overall. But, while all three countries still have many millions in poverty, hundreds of millions of people in these countries have moved into the middle class. That’s a huge surge in demand. So a country like India may have 1 billion people. 400 million have moved into the middle class. That represents an enormous leap in demand. But it still leaves 600 million people in poverty.
Yeah you’re right about demand in the USA—which has been falling in the last four years or so.