{"id":44101,"date":"2024-08-05T17:54:03","date_gmt":"2024-08-05T17:54:03","guid":{"rendered":"https:\/\/www.africa-press.net\/mauritius\/all-news\/world-bank-says-more-than-100-countries-hindered-by-middle-income-trap"},"modified":"2024-08-05T18:27:50","modified_gmt":"2024-08-05T18:27:50","slug":"world-bank-says-more-than-100-countries-hindered-by-middle-income-trap","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mauritius\/all-news\/world-bank-says-more-than-100-countries-hindered-by-middle-income-trap","title":{"rendered":"World Bank says more than 100 countries hindered by “middle-income trap”"},"content":{"rendered":"

Africa-Press – Mauritius. <\/strong><\/span>The World Bank on Thursday said that more than 100 countries risk becoming stuck in a \u201cmiddle-income trap\u201d, unless they adopt radical growth strategies for their economies<\/b>.<\/p>\n

It said countries, including South Africa, India, Brazil and China, face serious obstacles that could hinder their efforts to become high-income countries in the next few decades.<\/p>\n

The found that as countries grow wealthier, they usually hit a \u201ctrap\u201d at about 10 per cent of annual US GDP per person.<\/p>\n

Senior Advisor to the World Bank Group Chief Economist, and Director of the report, Somik Lall, said the prospect for these countries \u201cis not promising\u201d.<\/p>\n

\u201cOver the last 30 years, only 34 middle-income economies have been able to transition from middle-income to high-income. The rest are stuck in a middle-income trap,\u201d he said.<\/p>\n

In the study, the World Bank said middle-income countries face far bigger challenges than their predecessors, \u201crapidly aging populations, rising protectionism in advanced economies, and the need to speed up the energy transition\u201d.<\/p>\n

It outlined a \u201ccomprehensive roadmap\u201d to enable developing countries to escape the \u201cmiddle-income trap\u201d and reach high-income status.<\/p>\n

Lall said this involves dropping outmoded methods and following a \u201c3i strategy\u201d which involves the adoption of a sequenced and progressively more sophisticated mix of policies, based on their stage of development.<\/p>\n

Low-income countries can focus solely on policies designed to increase investment – the 1i phase.<\/p>\n

\u201cBut as the gains from investment start tapering off, an economy needs to move to \u2018infusion\u2019, that is, get ideas from the rest of the world and diffuse them to the local economies,\u201d said Lall.<\/p>\n

At the upper-middle-income level, countries should shift gear again to the final 3i phase.<\/p>\n

\u201cWhen they are ready and have mastered infusion, they go and \u2018innovate\u2019 and become global leaders and producers.\u201d<\/p>\n

\u201cSuccess,\u201d he said, \u201cwill depend on how well societies balance the forces of creation, preservation, and destruction\u201d.<\/p>\n

\u201cCountries that try to spare their citizenry the pains associated with reforms and openness will miss out on the gains that come from sustained growth.\u201d<\/p>\n

For More News And Analysis About Mauritius Follow Africa-Press<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mauritius. The World Bank on Thursday said that more than 100 countries risk becoming stuck in a \u201cmiddle-income trap\u201d, unless they adopt radical growth strategies for their economies. It said countries, including South Africa, India, Brazil and China, face serious obstacles that could hinder their efforts to become high-income countries in the next […]<\/p>\n","protected":false},"author":84,"featured_media":44100,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[457,480,241,1741,3898],"class_list":["post-44101","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-development","tag-finance","tag-mauritius","tag-world-bank","tag-world-economy"],"yoast_head":"\nWorld Bank says more than 100 countries hindered by "middle-income trap" - Mauritius<\/title>\n<meta name=\"description\" content=\"The World Bank on Thursday said that more than 100 countries risk becoming stuck in a \u201cmiddle-income trap\u201d, unless th ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mauritius\/all-news\/world-bank-says-more-than-100-countries-hindered-by-middle-income-trap\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"World Bank says more than 100 countries hindered by "middle-income trap"\" \/>\n<meta property=\"og:description\" content=\"The World Bank on Thursday said that more than 100 countries risk becoming stuck in a \u201cmiddle-income trap\u201d, unless th ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mauritius\/all-news\/world-bank-says-more-than-100-countries-hindered-by-middle-income-trap\" \/>\n<meta property=\"og:site_name\" content=\"Mauritius\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-05T17:54:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-08-05T18:27:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mauritius\/sites\/61\/2024\/08\/sm_1722866188.881016.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"538\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/world-bank-says-more-than-100-countries-hindered-by-middle-income-trap#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/world-bank-says-more-than-100-countries-hindered-by-middle-income-trap\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"World Bank says more than 100 countries hindered by “middle-income trap”\",\"datePublished\":\"2024-08-05T17:54:03+00:00\",\"dateModified\":\"2024-08-05T18:27:50+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/world-bank-says-more-than-100-countries-hindered-by-middle-income-trap\"},\"wordCount\":355,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/world-bank-says-more-than-100-countries-hindered-by-middle-income-trap#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mauritius\/sites\/61\/2024\/08\/sm_1722866188.881016.jpg\",\"keywords\":[\"Development\",\"Finance\",\"Mauritius\",\"World Bank\",\"World economy\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mauritius\/all-news\/world-bank-says-more-than-100-countries-hindered-by-middle-income-trap#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/world-bank-says-more-than-100-countries-hindered-by-middle-income-trap\",\"url\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/world-bank-says-more-than-100-countries-hindered-by-middle-income-trap\",\"name\":\"World Bank says more than 100 countries hindered by \\\"middle-income trap\\\" - 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