A report by the World Bank sheds light on the future challenges that will be faced by India and other countries to achieve high-income status and may take around 75 years to reach one-fourth of US per capita income. Yes, you read that right, the future poses even more significant challenges to more than 100 countries including India. According to the World Bank, India and other countries will take decades to achieve one-fourth of US per capita income. Additionally, the World Bank’s report also predicted the time that India may take to reach just a quarter of the US income per capita. Do you know what time China will take to achieve one-fourth of the US income per capita according to the World Bank? You must learn it by reading this article to the end. Be sticky with this page and find out some worth noting details emphasized in World Bank’s recent report. Drag down the page.
World Bank per capita income India
Indicating the more significant challenges that will be posed in the future for India, the World Bank suggested that China will achieve one-fourth of the US per capita income in the next ten years only while India requires around 75 years. More than 100 nations will face major challenges in achieving high-income status in the coming years. On the other hand, China will be the fastest to achieve this feat. As per the reports, Indonesia may need slightly fewer years than India to reach the quarter per capita income of the US. Indonesia may achieve this feat in 70 years while India requires 75 years according to World Bank.
In the “World Development Report 2024: The Middle Income Trap” the World Bank mentioned more than 100 countries including India, China, and Indonesia, which will equal the one-fourth per capita income of the US in the coming decades. To examine the progress of these countries in the economic field, the World Bank overviewed the economic progress of the previous five decades or 50 years. Meanwhile, the World Bank found that the countries typically encounter a trap when their annual GDP per capita is 10 percent of the US which is $8000 today. The World Bank has placed these countries with this range in Middle-Income Countries. Shift to the next section and read more details.
By the end of 2023, the World Bank placed a total of 108 countries in the middle-income range with annual GDP per capita in the range of $1136 and $13845. Interestingly, these 108 countries listed by the World Bank in the range of Middle-Income represent a total of 75 percent of the global population and around six billion people live in these countries where two out of every three people are living in extreme poverty. Shedding light on the future challenges to these countries, the World Bank cited rapidly aging populations, geopolitical and trade tensions, increasing debt, and the challenges to advance economics without harming the environment. The “World Development Report 2024: The Middle Income Trap” stated that many middle-income nations still use a playbook from the last century and rely on policies designed to expand investment. It’s like trying to go faster while driving the car in only first gear. Scroll down the page.
The Chief Economist of the World Bank Group and Senior Vice President for Development Economics, Idermit Gill explained in the report that most developing countries will struggle to build prosperous societies by mid-century if these countries do not update their strategies. He also emphasized that largely the middle-income nations will win and lose the global economic prosperity battle. Stay tuned to this website for further updates and more details.
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