Yan Wang, Global Development Policy Center blog, nd
After over 70 years of development since World War II, most emerging markets and developing countries still lag behind advanced industrial countries with large income gaps. In the 1950s-1970s, China was poorer than most African countries, but after 40 years of rapid growth, the per capita income of Chinese people is twice Africa’s average. However, China’s per capita income today, at a little over $10,000, is still one-fifth of incomes in advanced industrial countries.
Why is catching up economically so difficult?
Read the article in full here.
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