Key Points
New Delhi, August 2. More than 100 countries, including India, face serious obstacles in becoming high-income countries in the next few decades, and New Delhi may take nearly 75 years just to reach one-quarter of US per capita income, a World Bank report said...
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...
At current trends, it will take China more than 10 years just to reach one-quarter of US income per capita, Indonesia nearly 70 years, and India 75 years, the report said.. 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 USD 8,000 today..
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