Middle-income countries like India must formulate policies grounded in dependable data to propel themselves into the echelons of high-income nations over the next 3-4 decades, as attaining sustainable growth will prove increasingly challenging, asserted Indermit Gill, the Chief Economist of the World Bank. Addressing a gathering, Gill emphasized that economic growth will pose greater hurdles for middle-income countries, and to transition into high-income status, these countries, including India, must craft their policies based on credible information.
Gill also highlighted the rarity of countries ascending to high-income status, with only 31 nations achieving this feat between 1990 and 2021. Prime Minister Narendra Modi has set an ambitious target for India, aspiring to transform the nation into a developed country by 2047. According to the World Bank, middle-income countries encompass a wide range in terms of size, population, and income levels. These countries are categorized as lower middle-income economies, with a Gross National Income (GNI) per capita ranging between USD 1,036 and USD 4,045, and upper middle-income economies, with a GNI per capita ranging between USD 4,046 and USD 12,535. Middle-income countries house 75% of the world’s population and 62% of the world’s impoverished population while contributing significantly to global GDP and global economic growth. High-income economies are identified as those with an annual per capita income exceeding USD 12,000.
