More than 100 countries, including India, face serious obstacles in becoming high-income countries in the next few decades, and New Delhi 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 US income per capita and Indonesia nearly 70 years, according to the World Development Report 2024: The Middle Income Trap. That's in the middle of the range of what the World Bank classifies as middle-income countries. "Yet many middle-income countries still use a playbook from the last century, relying mainly on policies designed to expand investment. "At current trends, it will take China more than 10 years just to reach one-quarter of US income per capita, Indonesia nearly 70 years, and India 75 years," the report said.

Source: The Telegraph August 02, 2024 13:42 UTC