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2022-2023 World Bank Country Lending Group guidelines (all values USD): Low-income economies — 2021 GNI per capita of up to $1,085. Lower-middle-income economies — 2021 GNI per capita of $1,086 to $4,255. Upper-middle-income economies — 2021 GNI per capita of $4,256 to $13,205. High-income economies — 2021 GNI per capita of $13,206 or more.
Jun 30, 2023 · In 1987, 30% of reporting countries were classified as low income, while in 2022 only 12% fell into this category. The extent of this decline is different between world regions, with the Sub-Saharan African region’s proportion of low-income countries falling from 74% to 46% in 2022, East Asia Pacific from 26% to 3%, and South Asia from 100% ...
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Since initiating market reforms in 1978, China has shifted from a centrally-planned to a more market-based economy and has experienced rapid economic and social development. GDP growth has averaged nearly 10% a yearthe fastest sustained expansion by a major economy in historyand more than 850 million people have lifted themselves out of poverty. Ch...
With a population of 1.3 billion, China is the worlds second largest economy and the largest if measured in purchasing price parity terms. China has been the largest single contributor to world growth since the global financial crisis of 2008. Although China has made impressive economic and social development gains, its market reforms are incomplet...
Rapid economic ascendance has brought on many challenges as well, including high inequality (especially between rural and urban areas), challenges to environmental sustainability, and external imbalances. China also faces demographic pressures related to an aging population and the internal labor migration.
Chinas rapid economic growth exceeded the pace of institutional development, and there are important institutional and reform gaps that it needs to address to ensure a sustainable growth path. Significant policy adjustments are required for Chinas growth to be sustainable. Managing structural reforms and related risks will not be straightforward gi...
Chinas 13th Five-Year Plan (2016-2020) addresses these issues. It highlights the development of services and measures to address environmental and social imbalances, setting targets to reduce pollution, to increase energy efficiency, to improve access to education and healthcare, and to expand social protection. The 13th Five-Year Plans annual grow...
Feb 27, 2023 · Basically, it looks like China has now found itself in a classic middle-income trap, a term the World Bank invented back in 2006 to describe the phenomenon of emerging economies that never, well ...
Overview. The world’s Middle Income Countries (MICs) are a diverse group by size, population, and income level. For the current 2024 fiscal year, low-income economies are defined as those with a GNI per capita, calculated using the World Bank Atlas method, of $1,135 or less in 2022. Lower middle-income economies are those with a GNI per ...
China is now an upper-middle-income country, says the bank. About a quarter of China's population is in poverty, according to this metric. For comparison, this is slightly higher than Brazil.
Feb 4, 2022 · China may soon become a high-income country. Has it truly escaped the middle-income trap? Feb 4th 2022. C HINA IS HAUNTED by the spectre of the “middle-income trap”, the notion that emerging ...
