Drawing on lessons of the past 50 years, the World Development Report 2024 finds that as countries grow wealthier, they usually hit a “trap” at about 10 per cent of annual US GDP per person--the equivalent of USD 8,000 today.
That’s in the middle of the range of what the World Bank classifies as “middle-income” countries.
Since 1990, only 34 middle-income economies have managed to shift to high-income status--and more than a third of them were either beneficiaries of integration into the European Union, or of previously undiscovered oil.
At the end of 2023, 108 countries were classified as middle-income, each with annual GDP per capita in the range of USD 1,136 to USD 13,845.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Head's unbeaten 154 guides Australia to victory over England in first ODI
Australian left-hand opener Travis Head’s marvellous unbeaten innings of 154* runs off 129 balls guided the visitors to a comfortable victory over England in the first match of the five-match series on Thursday.
Bumrah becomes 10th Indian bowler to claim 400 international wickets
Indian pace spearhead Jasprit Bumrah completed 400 wickets in international cricket, becoming the 10th bowler from his team to do so.
Rathour joins Rajasthan Royals as batting coach
Former India coach Vikram Rathour will once again link up with Rahul Dravid after Indian Premier League franchise Rajasthan Royals appointed him as the latest member of their coaching staff.
Verstappen punished for swearing in Formula 1 news conference
Formula 1 champion Max Verstappen was punished Friday for swearing in a news conference in which he argued against greater restrictions on drivers swearing.
La Sella Open: Tvesa Malik lies T-16 after 2-under 70 on opening day
Tvesa Malik opened with a steady 2-under 70 in the opening round of the million-dollar La Sella Open on the Ladies European Tour.
1ST TEST: INDIA EXTEND LEAD TO 308 RUNS VS BANGLADESH
Fine performance by Indian pacers, particularly Jasprit Bumrah, helped the hosts secure a tight advantage at the end of day two of the first Test against Bangladesh at Chennai on Friday.
Tom Latham overtakes Martin Crowe to become NZ's 5th-highest Test run-getter
New Zealand wicketkeeper-batter Tom Latham overtook legendary batter Martin Crowe to become country’s fifth-highest runscorer in Test cricket.
DAUGHTER'S RIGHT TO INHERIT PROPERTY?
My friend’s mother passed away recently. Soon after her brother asked her to sign a couple of documents relinquishing her share completely.
THE POWER OF OBSERVATION
As we all try to navigate through a challenging world, we can sometimes think our own situations are more difficult to navigate than other people’s, but everyone, wherever they are, are having to confront difficult challenges.
Resolving the subtle barriers that delay our journey
New ventures and projects often begin with fresh hope and enthusiasm, and we look forward to new experiences that will enhance and advance our spiritual journey.