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Middle-income trap UPSC NOTE

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  Challenges  India may take 75 years to reach a quarter of U.S. income levels at current growth rates, highlighting the slow progress in c...

 Challenges

  •  India may take 75 years to reach a quarter of U.S. income levels at current growth rates, highlighting the slow progress in closing the income gap.

  • Many countries, including India, China, Brazil, and South Africa, face obstacles in moving from middle-income to high-income status, often hitting a "trap" around 10% of U.S. GDP per capita.

  • Many middle-income countries rely on outdated investment-focused policies, which may not be sufficient for rapid economic advancement.

  • It would be an extraordinary achievement for middle-income countries to match the rapid economic progress seen in high-income countries like Korea

  • Countries often face a “middle-income trap” when their annual GDP per capita reaches about $8,000, which hampers their progression to high-income status.

  • Middle-income countries face challenges from aging populations, which can strain economic resources and hinder growth.

  • Expediting economic progress while maintaining environmental sustainability is a significant challenge for many developing countries.

  • A large proportion of the population in middle-income countries lives in extreme poverty, which affects overall economic advancement.

  • Traditional methods may not suffice; a fresh and innovative approach is necessary to overcome the middle-income trap and achieve high-income status

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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: Middle-income trap UPSC NOTE
Middle-income trap UPSC NOTE
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Learnerz IAS | Concept oriented UPSC Classes in Malayalam
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