Summary
In their drive for wealth, few countries get anywhere near the top. Economic growth in developing countries tends to level off during the middle-income stage.
Middle-income countries are best served by a strategy focused on attracting investment, says the World Bank. They produce about 40 percent of the world’s output and nearly two-thirds of its carbon emissions.
In 1960 South Korea's per-person income stood at just $1,200. By the end of 2023 it had climbed to $33,000. No other country has managed to pull off a performance like that.
If they stick to the old approach, most developing countries will miss their target of reaching high-income status by the middle of this century. On current trends it will take China another 11 years to reach just one-quarter of the United States’ income per person. It will take Indonesia 69 years and India 75.
