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→Middle-income country
According to Investopedia, middle-income countries are defined as: "According to the [[World Bank]], middle-income countries (MICs) are defined as economies with a gross national income (GNI) per capita between $1,136 and $13,845 as of 2024. MICs consist of lower-middle-income countries and upper-middle-income countries, both of which are part of the income categories that the World Bank uses to classify economies for operational and analytical purposes."<ref>[https://www.investopedia.com/terms/m/middle-income-countries.asp Middle-Income Countries (MICs): Characteristics and Significance], Investopedia</ref>
According to Investopedia, middle-income countries are defined as: "According to the [[World Bank]], middle-income countries (MICs) are defined as economies with a gross national income (GNI) per capita between $1,136 and $13,845 as of 2024. MICs consist of lower-middle-income countries and upper-middle-income countries, both of which are part of the income categories that the World Bank uses to classify economies for operational and analytical purposes."<ref>[https://www.investopedia.com/terms/m/middle-income-countries.asp Middle-Income Countries (MICs): Characteristics and Significance], Investopedia</ref>
=== Middle-income trap ===
[[File:Flag of the PRC.png|thumbnail|right|205px|The middle-income country of [[China]] is endeavoring to become a high-income country.
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See: [[Middle-income trap]] ]]
''See also:'' [[Middle-income trap]] and [[Innovation]] and [[Productivity]]
The middle-income trap refers to an economic situation where a middle-income country is failing to transform itself to a high-income economy due to its rising costs and declining competitiveness (Historically few countries successfully manage the transition from low to middle to high income).<ref>[https://elibrary.worldbank.org/doi/10.1596/9780821387856_CH04#:~:text=The%20middle%2Dincome%20trap%20refers,to%20middle%20to%20high%20income. Middle-Income Trap]</ref><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><ref>[https://www.adb.org/publications/tracking-middle-income-trap-what-it-who-it-and-why-part-1 Tracking the Middle-Income Trap: What is It, Who is in It, and Why? (Part 1)], Asia Development Bank, 2012</ref><ref>[https://www.adb.org/publications/tracking-middle-income-trap-what-it-who-it-and-why-part-2 Tracking the Middle-Income Trap: What is It, Who is in It, and Why? (Part 2)], Asia Development Bank, 2012</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>
'''Middle-income trap and various countries:'''
*[[Middle-income trap#Material related to whether or not China escapes the middle-income trap|Material related to whether or not China escapes the middle-income trap]]
*[[Middle-income trap#India and the middle-income trap#India and the middle-income trap|India and the middle-income trap]]
*[[Middle-income trap#Philippines is projected to move from a lower middle-income country to an upper middle-income country. Philippines and the middle-income trap|Philippines is projected to move from a lower middle-income country to an upper middle-income country. Philippines and the middle-income trap]]
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