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The “Middle Income Trap” in Economic Growth in Different Economies
Zou Wei (邹薇) and Nan Yu (楠玉)
School of Economics and Management, Wuhan University, Wuhan , China
Institute of Economics, Chinese Academy of Social Sciences, Beijing, China
Abstract: Nowadays, more than 50% of the world population live in middle-income
economies. Economies in the middle-income development stage are confronted with a number
of challenges, such as economic restructuring, industrial upgrade and income growth.
Therefore, academia around the world have paid much attention to theoretical and empirical
researches of the “middle income trap” and long-term trends of global economic growth. Based
on analyses about the long-term growth path of the world economy and the characteristics of
different stages of economic development, this paper defines the“middle income trap” and its
characteristics and examines, through a large number of cases from different economies, the
reasons why “growth slowdown” arises during the middle-income development stage. These
theoretic and empirical researches have reference value and heuristic meaning for China to
actively respond to the challenges of the “middle income trap”.
Keywords: “middle income trap”, middle-income development stage, growth slowdown
JEL Classification: F11
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