Fixing ‘The middle-income trap’ for all countries
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The World Bank Group's 'World Development Report 2024' emphasizes that middle-income countries, including Pakistan, must move beyond investment-driven strategies to reconfigure economic structures for greater freedom and mobility; the report defines the 'middle-income trap' as a growth slowdown due to failure in adopting new economic structures; it highlights the need for policy changes beyond neoliberal frameworks, criticizing the reliance on austerity and market fundamentalism; only 34 middle-income economies have transitioned to high-income status since 1990, affecting a population of less than 250 million; the Roosevelt Institute's reports call for a break from neoliberalism to empower economies and uphold human rights; the article stresses the global necessity for industrial policy to combat rising inequality and enhance economic resilience.
#WorldBank #MiddleincomeTrap #Neoliberalism #EconomicPolicy #Pakistan #Inequality #RooseveltInstitute #IndustrialPolicy #EconomicGrowth #HumanRights
https://www.brecorder.com/news/40322212/fixing-the-middle-income-trap-for-all-countries
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