They talk about the 5 trillion economy, so on and so forth. We have to struggle for another 75 years even to get the quarter of Income of that of America.
But the latest estimates show that we are yet to reach the index of the real development in general.
More than 100 countries, including India, face serious obstacles in becoming high-income countries in the next few decades, and India may take nearly 75 years just to reach one-quarter of US income per capita, a World Bank report said.
It will take China more than 10 years to reach one-quarter of USincome per capita and Indonesia nearly 70 years, according to the World Development Report 2024: The Middle Income Trap.
Drawing on lessons of the past 50 years, the report finds that as countries grow wealthier, they usually hit a “trap” at about 10 per cent of annual US GDP per person – the equivalent of USD 8,000 today.
That’s in the middle of the range of what the World Bank classifies as middle-income countries.
