World Development Report 2024: The Middle-Income Trap
Middle-income countries face significant challenges in transitioning to high-income status, requiring strategic shifts in investment, technology infusion, and innovation to avoid stagnation and achieve sustainable growth.
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| Quick Facts | |
|---|---|
| Report location: | source |
| Language: | English |
| Publisher: | World Bank |
| Authors: | Somik V. Lall; Ufuk Akcigit; Joyce Antone Ibrahim; Roberto Fattal Jaef; Maria Marta Ferreyra; Kenan Karak?lah; Tatjana Kleineberg; Mathilde Lebrand; Martha Martinez Licetti; Dino Merotto; Forhad Shilpi; Katherine Stapleton; Maria Vagliasindi; Ekaterina Vostroknutova |
| Time horizon: | 2100 |
Methods
The research utilized a comprehensive analysis of economic growth patterns in middle-income countries, focusing on historical data, case studies, and economic modeling to identify key transitions necessary for sustainable development.
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Key Insights
The World Development Report 2024 examines the “middle-income trap,” where countries struggle to progress from middle-income to high-income status. It identifies two essential transitions: first, moving from a strategy focused solely on investment to one that incorporates technology infusion from advanced economies. This is crucial for lower-middle-income countries to modernize their industries. The second transition involves shifting towards innovation, which is more applicable to upper-middle-income countries that have successfully integrated new technologies. The report emphasizes that both transitions are necessary for sustained economic growth and that middle-income countries must adapt their policies and institutions to changing economic conditions. It also highlights the importance of addressing challenges such as rising debt, geopolitical tensions, and climate change, which further complicate growth prospects. The report concludes that achieving high-income status will require a concerted effort to balance the forces of creation, preservation, and destruction within these economies.
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Additional Viewpoints
Categories: 2100s time horizon | 2100 time horizon | English publication language