World Bank offers roadmap to avoid 'middle-income trap'

The World Bank warned that over 100 countries, including China, risked falling into a middle-income trap, impeding their path to becoming wealthy. These nations typically struggled upon reaching 10 percent of the US GDP per capita. The challenge encompassed over 75 percent of the global population and necessitated a new strategy. World Bank's economist Indermit Gill emphasized investment, technology infusion, and innovation. He highlighted South Korea's progress as a success story. The World Development Report aimed to change the approach needed for global prosperity.