MANILA -- The so-called middle-income trap, in which certain countries appear stuck at a middle level of development, is a sham, the new chief economist of the Asian Development Bank says.
Shang-Jin Wei Although it has no formal definition, the "trap" is characterized by the inability of middle-income countries to advance to high-income status. In contrast, low-income economies are said to be able to easily move up to middle-income status and high-income countries are likely to sustain prosperity
