WASHINGTON — More than 100 countries, including China, are at risk of entering a 'middle-income trap' and failing to become wealthy nations, the World Bank said Thursday as it unveiled a 'comprehensive roadmap' to reach high-income status.
WASHINGTON — More than 100 countries, including China, are at risk of entering a 'middle-income trap' and failing to become wealthy nations, the World Bank said Thursday as it unveiled a 'comprehensive roadmap' to reach high-income status.In its 2024 World Development Report, the bank said countries usually hit such a 'trap' when they reach around 10 percent of annual US GDP per capita — roughly $8,000 today — which can prove tough to move past.
'The battle for global economic prosperity will largely be won or lost in middle-income countries,' World Bank Group chief economist Indermit Gill said in a statement, calling for a 'fresh approach.''First focus on investment; then add an emphasis on infusion of new technologies from abroad; and, finally, adopt a three-pronged strategy that balances investment, infusion, and innovation,' he said.
Offers Strategy Vs Middle-Income Trap
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