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→Middle-income trap
The Asia Society describes the middle-income trap thusly: "The “middle-income trap” is a theory of economic development in which wages in a country rise to the point that growth potential in export-driven low-skill manufacturing is exhausted before it attains the [[Innovation|innovative]] capability needed to boost [[productivity]] and compete with developed countries in higher value-chain industries. Thus, there are few avenues for further growth — and wages stagnate."<ref>[https://asiasociety.org/new-york/china-may-be-running-out-time-escape-middle-income-trap China May Be Running Out of Time To Escape the Middle-Income Trap], Asia Society, 2017</ref>
The Asia Society describes the middle-income trap thusly: "The “middle-income trap” is a theory of economic development in which wages in a country rise to the point that growth potential in export-driven low-skill manufacturing is exhausted before it attains the [[Innovation|innovative]] capability needed to boost [[productivity]] and compete with developed countries in higher value-chain industries. Thus, there are few avenues for further growth — and wages stagnate."<ref>[https://asiasociety.org/new-york/china-may-be-running-out-time-escape-middle-income-trap China May Be Running Out of Time To Escape the Middle-Income Trap], Asia Society, 2017</ref>
The 2023 Mint News article ''There is no easy escape from the middle-income trap'' indicates: "Graduating from middle income to developed world status is the greatest prize in development economics. Only a handful of [[East Asia]]n and [[Central Europe]]an countries have made the transition so far, along with a few fortunate resource-rich countries."<ref>[https://archive.ph/MrPyA#selection-1799.0-1799.51 ''There is no easy escape from the middle-income trap''], Mint News, 2023</ref>
== References ==
== References ==