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Could you elaborate on this middle income trap? Have other nations fallen victim to this trap, in the recent past - say 30-50 years or so? I fully agree that
by wozniacki 7y ago
Could you elaborate on this middle income trap?
Have other nations fallen victim to this trap, in the recent past - say 30-50 years or so?
I fully agree that ascendancy or primacy is far from inevitable and am generally far less optimistic than you , in these things.
But could you shed light on what sorts of factors prevented a nation similar in its growth spurt from continued growth?
What kneecapped them?
- tigershark 7y agoVenezuela? Argentina? I think there are plenty of examples.
- adventured 7y agoThe prominent examples are: Russia, Turkey, Kazakhstan, Belarus, Poland, Slovakia, Czech, Hungary, South Africa, Mexico, Brazil, Argentina, Chile There are several other nations in Europe and Latin America, that have been stuck in the middle income trap for some time (such as Uruguay, Paraguay, Peru, Costa Rica, Dominican Republic, Panama, Serbia, Croatia and Bulgaria). Albania and Macedonia have been stuck in it, with little further progress, since the early to mid 2000s. Africa has a few others besides South Africa, such as Gabon (trapped since the mid 1970s), Botswana (trapped since 1990) and Algeria (since the early 1980s). Lebanon has been stuck for 20 years. Jordan has been stuck since the early 1980s. Portugal may just be outside of it or at the ceiling, at $23k per capita; however in inflation adjusted terms they've seen close to zero per capita growth since 1992. Greece is an odd case, hard to say whether they ever escaped the middle income trap, or whether the good years before the crash were entirely fake. On an inflation adjusted basis Greece has also seen close to zero per capita growth since 1992.