Avoiding middle-income growth traps by Pierre-Richard Agénor, Otaviano Canuto and Michael Jelnic published by World Bank. “Since the 1950s, rapid growth has allowed a significant number of countries to reach middle-income status; yet, very few have made the additional leap needed to become high-income economies. Rather, many developing countries have become caught in what has been called a middle-income trap, characterized by a sharp deceleration in growth and in the pace of productivity increases.”
