Middle income trap
When a country gets stuck at an income / From Wikipedia, the free encyclopedia
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In development economics, the middle income trap is a situation where a country has developed until GDP per capita has reached a middle level of income, but the country does not develop further and it does not attain high income country status.[1] The term was introduced by the World Bank in 2007 who defined it as the 'middle-income range' countries with gross national product per capita that has remained between $1,000 to $12,000 at constant (2011) prices.[2]