English Explanatory Dictionary

middle income trap

English dictionary entry

Meanings

noun
  1. The situation where a country that attains a certain income gets stuck at that level, being unable to compete with other more developed economies in the high-value-added market.

Word forms

middle income trap middle income traps middle-income trap

Etymology

Coined by Indian economist Indermit Gill and economist Homi Kharas in 2007 in their book An East Asian Renaissance: Ideas for Economic Growth.

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