The Philippines and the middle-income trap

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Philippine Star

Joining the ranks of high-income countries is the holy grail of developing economies. The World Bank (WB) defines high income countries as having Gross National Income (GNI) per capita of $12,696 or more. This universal aspiration came into sharp focus recently as the NEDA announced that the Philippines will aim to be a high-income country in two decades. This came on the heels of a prior announcement that the country will attain upper middle-income status or a GNI per capita income of at least US$4,096 within the next few years from the 2021 est. of $3,640. Thus, the grand plan is for the Phi…

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