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World Bank report on Middle-Income Trap
August 9 , 2024
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- The ‘World Development Report 2024: The Middle-Income Trap’ was released by World Bank.
- the 'Middle Income Trap' is described as countries typically encounter a "trap" when they reach 10 percent of the annual US GDP per capita, or middle of the range, equivalent to $8,000 as of today.
- India is among over 100 countries that will face “serious obstacles” in the next few decades to become high-income countries.
- India could take as many as 75 years to attain one-quarter of the United States income per capita.
- China may take over 10 years to achieve this feat, and Indonesia close to 70 years.
- By 2023-end, 108 countries with a total population of six billion (75 per cent of the world) were classified as ‘middle-income’.
- They each had annual GDP per capital between $1,136-13,845, and two out of three people still living in poverty.
- Since 1990, only 34 middle-income economies have managed to shift to high-income status.
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