Q. Which organization recently released "World Development Report 2024: The Middle Income Trap"?
Answer:
World Bank
Notes: The World Bank's 2024 report highlights the "Middle-Income Trap," where countries stuck in middle-income status struggle to advance to high-income levels. This trap often occurs around $8,000 GDP per capita. Since 1990, only 34 of 108 middle-income countries have moved to high-income status. Key challenges include aging populations, rising protectionism, and the need for faster energy transitions. India, classified as a lower-middle-income country since 2007, has a GNI per capita of $2,540 and would need 75 years to reach one-quarter of U.S. income per capita at current trends.