India, China risk falling into mid-income trap: World Bank report
4 months, 3 weeks ago

India, China risk falling into mid-income trap: World Bank report

Hindustan Times  

New Delhi: More than 100 nations, including India and China, face “serious obstacles” in their transition to high-income developed economies amid increasing chances of getting stuck in the so-called middle-income trap, the World Bank said in its flagship World Development Report 2024 released on Thursday. “Drawing on lessons of the past 50 years, our report finds that as countries grow wealthier, they usually hit a trap at about 10% of annual US GDP per person—tthe equivalent of $8,000 today,” said Indermit Gill, the World Bank’s chief economist, in a statement. If middle-income countries don’t change their economic models, then it will take China more than 10 years just to reach one-quarter of US income per capita, Indonesia 70 years, and India 75 years, the report said. While least developed economies need to keep focusing on asset creation, capital investments for too long alone aren’t sufficient for mid-level countries to raise per capita incomes, the report said.

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History of this topic

India to contribute 20 pc of global workforce growth between 2023-2050, China share to decline: Report
1 month ago

India to contribute 20 pc of global workforce growth between 2023-2050, China share to decline: Report

Live Mint  

New Delhi, : India is set to play a pivotal role in global workforce growth, contributing 20 per cent of it between 2023 and 2050, according to a report by Angel One Wealth. It said "By 2030 high-income households are expected to triple, while middle-income households will nearly double making India the fastest-growing nation in terms of per capita income". …

India to contribute 20 pc of global workforce growth between 2023-50, China share to decline: Report
1 month ago

India to contribute 20 pc of global workforce growth between 2023-50, China share to decline: Report

New Indian Express  

NEW DELHI: India is set to play a pivotal role in global workforce growth, contributing 20 per cent of it between 2023 and 2050, according to a report by Angel One Wealth. It said, "By 2030 high-income households are expected to triple, while middle-income households will nearly double making India the fastest-growing nation in terms of per capita income". The …

World Development Report 2024: India must focus on inclusive growth to escape ‘middle-income trap’
4 months, 2 weeks ago

World Development Report 2024: India must focus on inclusive growth to escape ‘middle-income trap’

Firstpost  

India may be a lower-middle-income economy, but quality development of human resources, proper skilling of youth, and support for research and development can help India ensure a better life for its people The report released on August 1 suggests that at the current pace, China could take more than 10 years, Indonesia could take 70 years, and India could take …

Sobering assessment: On the IMF forecast, World Bank report
8 months ago

Sobering assessment: On the IMF forecast, World Bank report

The Hindu  

The global economy has avoided the spectre of a debilitating recession, with the IMF last week raising its forecast for worldwide aggregate growth in 2024 to 3.2%, from the 2.9% it had projected in October. The IMF has underlined the fact that the global economy has, with surprising resilience, ridden out several adverse shocks as well as ‘significant central bank …

South Asia, India risk squandering demographic dividend: World Bank
8 months, 3 weeks ago

South Asia, India risk squandering demographic dividend: World Bank

The Hindu  

The World Bank has warned that the South Asia region including India was not making use of its demographic dividend as the pace of job creation in the region fell well short of the growth in the working-age population, even as it projected a strong 6.0-6.1% growth for 2024-25 for the region in its South Asia regional update, Jobs for …

India, China to account for half of global economic growth in 2023: IMF chief
1 year, 8 months ago

India, China to account for half of global economic growth in 2023: IMF chief

India TV News  

Warning about an economic slowdown, the IMF chief said that the world economy is expected to grow at less than 3 percent this financial year while India and China expected to account for half of global growth in 2023. International Monetary Fund managing director Kristalina Georgieva further warned of a similar economic situation this year just like last year wherein …

2023 New Year Resolutions for Asia’s Biggest Economies
1 year, 11 months ago

2023 New Year Resolutions for Asia’s Biggest Economies

The Diplomat  

Asia’s big economies failed to fire during 2022, weighed down by the continuing COVID-19 pandemic and resulting self-imposed restrictions on economic activity, together with rising interest rates and slowing growth globally. In its latest “World Economic Outlook” report, the IMF projected GDP growth for Asia’s second-largest economy of 2.1 percent in 2022 but just 0.9 percent in 2023, below the …

World Bank pares India FY23 growth projection to 6.5%
2 years, 2 months ago

World Bank pares India FY23 growth projection to 6.5%

The Hindu  

The World Bank has estimated that India will grow 6.5% in the current fiscal year, after having grown at 8.7% in the fiscal year ended March 31. The slowing in India’s growth during the current fiscal year, relative to the previous one, was because most of the COVID recovery happened last year, the report said. Although India growth estimates are …

Aakar Patel | Can India do what it takes to make a big leap forward?
2 years, 3 months ago

Aakar Patel | Can India do what it takes to make a big leap forward?

Deccan Chronicle  

India has overtaken the United Kingdom to become the world’s fifth largest economy. In the 10 years till 1993, that nation grew its GDP by 15 per cent each year to reach $8,884. The World Bank’s data shows that India’s per capita income in 1960 was $82, while China’s was $89. To grow at 15 per cent per year is …

Global (and Indian) trends in inequality
3 years ago

Global (and Indian) trends in inequality

The Hindu  

The story so far: The World Inequality Lab, a research centre at the Paris School of Economics, released the 2022 World Inequality Report on December 7, 2021. The report has found India to be one of the world’s most unequal countries, with the top 1% getting 21.7% of the national income. The report reveals that income inequality in India today …

Pandemic pushes 32 mn Indians out of middle class: Pew Research
3 years, 9 months ago

Pandemic pushes 32 mn Indians out of middle class: Pew Research

Live Mint  

Financial woes brought by last year's coronavirus pandemic have pushed about 32 million Indians out of the middle class, undoing years of economic gains, a report showed on Thursday, while job losses pushed millions into poverty. The number of Indians in the middle class, or those earning between $10 and $20 a day, shrunk by about 32 million, compared with …

Nation strives ahead toward high-income target
4 years ago

Nation strives ahead toward high-income target

China Daily  

US can be overtaken as leading economy within decade, experts say China will escape the so-called middle-income trap that many emerging countries have fallen into, moving beyond it to become the world's largest economy within a decade, according to experts. Xi Jinping, general secretary of the Communist Party of China Central Committee, said in a speech to the Fifth Plenary …

Dev 360 | India must learn from others, shed its hubris
4 years, 2 months ago

Dev 360 | India must learn from others, shed its hubris

Deccan Chronicle  

Can a “Vishwa Guru”, a global leader offering lessons to the world, afford to get riled at the mere suggestion that another country in its neighbourhood may be catching up? Bangladesh’s export-led model of development, its outward orientation and remittances are indeed key factors behind its growth and altered status from a basket case to an Asian tiger in-the-making, as …

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