It will take China more than 10 years to reach one-quarter of US income per capita and Indonesia nearly 70 years, according to the World Development Report 2024: The Middle Income Trap.
Drawing on lessons of the past 50 years, the report 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 $8,000 today.
That's in the middle of the range of what the World Bank classifies as middle-income countries.
This story is from the New Delhi 03August2024 edition of Millennium Post Delhi.
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This story is from the New Delhi 03August2024 edition of Millennium Post Delhi.
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