Growth slowdowns: Middle-income trap vs. regression to the mean

Lant Pritchett, Lawrence H. Summers 11 December 2014

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No question is more important for the living standards of billions of people or for the evolution of the global system than the question of how rapidly differently economies will grow over the next generation. We believe that conventional wisdom makes two important errors in assessing future growth prospects.

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Topics:  Development

Tags:  middle-income trap, slowdown, growth, creative destruction, mean reversion

Growth slowdowns redux: Avoiding the middle-income trap

Barry Eichengreen, Donghyun Park, Kwanho Shin 11 January 2013

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The rapid economic growth of so-called emerging markets is one of the leading storylines of our age. Arguably, it is the most important economic development affecting the world’s population in the first decade of the 21st century. Rapid economic growth has lifted millions out of poverty. It has accounted for the vast majority of global growth in a period when the advanced countries have struggled economically and financially.

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Topics:  Development

Tags:  China, middle income gap, slowdown