This blog post has sought to convey the essence of the recently released World Bank Report WORLD DEVELOPMENT REPORT (2024); THE MIDDLE INCOME TRAP. This Report identifies what developing economies can do to avoid the middle income trap, and answers questions such as;
Is growth in middle-income countries slower than that in countries at other income levels?
Is growth in middle-income countries different from that in countries at other income levels?
Is growth in middle-income countries now harder to achieve?
Who creates value?
How do incumbents preserve the status quo?
Why is destruction important for structural change?
How can middle-income countries weaken the forces of preservation that protect incumbents from healthy competition?
How can middle-income countries strengthen the forces of creation by rewarding merit—that is, those forces that aid in the efficient use of talent, capital, and energy?
How can middle-income countries capitalize on crises to destroy outdated arrangements and make way for creation?
Please have a look at the attached note which also refers to the wealth of terminologies and terms used in the report. The note has a link to the complete report, if you wish to access the same.
Happy reading!!
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