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The World Bank’s World Development Report 2024 titled The Middle Income Trap’ , that was released Friday morning (IST) in Washington .
The reasons for this had to do with several factors, including the preponderance of small firms in India , the inability of larger ones to grow rapidly, the role of government regulation in ensuring this remains the case, and the state of the global economy.
The World Bank said too many markets are “hobbled by excessive business regulations, government patronage, and limited international competition” It highlighted a few success stories in India and China , such as Infosys and Alibaba .
Middle-income countries will have to become more disciplined in order to rapidly increase per capita income levels, the report said.
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