More than 100 developing countries have successfully made the transition from low-income to middle-income status. Unfortunately, most of them have got stuck in the middle-income trap. When middle-income countries are just about to get their first whiff of prosperity, they revert to a slow growth trajectory.
The frequency of such slow growth episodes has increased in middle-income countries. The impact of the recent global downturn is being felt more acutely in middle-income countries. The large number of countries, including China and India, getting caught in the middle-income trap is a ...
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