Growth in Low-Income Countries : Evolution, Prospects, and Policies

Growth in Low-Income Countries : Evolution, Prospects, and Policies

There are currently 31 countries classified as low income, less than half the number in 2001. Rapid growth in low-income countries from 2001 to 2018 allowed many to progress to middle-income status, supported by the commodity price boom of 2001-11,...

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Main Author: Steinbach, Rudi
Format: Working Paper
Language:English
Published: World Bank, Washington, DC 2019
Subjects:
ECONOMIC GROWTH
LOW-INCOME COUNTRY
POVERTY REDUCTION
COMMODITY PRICES
TRANSITION ECONOMIES
DEBT RELIEF
FISCAL POLICY
INSTITUTIONS
Online Access:http://documents.worldbank.org/curated/en/578111564491745775/Growth-in-Low-Income-Countries-Evolution-Prospects-and-Policies
http://hdl.handle.net/10986/32151
id okr-10986-32151
recordtype oai_dc
spelling okr-10986-321512022-09-20T00:12:28Z Growth in Low-Income Countries : Evolution, Prospects, and Policies Steinbach, Rudi ECONOMIC GROWTH LOW-INCOME COUNTRY POVERTY REDUCTION COMMODITY PRICES TRANSITION ECONOMIES DEBT RELIEF FISCAL POLICY INSTITUTIONS There are currently 31 countries classified as low income, less than half the number in 2001. Rapid growth in low-income countries from 2001 to 2018 allowed many to progress to middle-income status, supported by the commodity price boom of 2001-11, debt relief under the Heavily Indebted Poor Country Initiative and Multilateral Debt Relief Initiative, increased investment in human and physical capital, improved economic policy frameworks, and recoveries from the deep recessions in transition economies during the 1990s. However, the prospects for current low-income countries appear much more challenging. Compared to the low-income countries in 2001 that became middle-income countries, today's low-income countries are further below the middle-income country threshold and more often fragile; their heavy reliance on agriculture makes them vulnerable to climate change and extreme weather events; and their scope to boost external trade is limited by geography. Coordinated and multi-pronged policy efforts are required to address these challenges. 2019-08-01T21:18:51Z 2019-08-01T21:18:51Z 2019-07 Working Paper http://documents.worldbank.org/curated/en/578111564491745775/Growth-in-Low-Income-Countries-Evolution-Prospects-and-Policies http://hdl.handle.net/10986/32151 English Policy Research Working Paper;No. 8949 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Publications & Research Publications & Research :: Policy Research Working Paper
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language English
topic ECONOMIC GROWTH
LOW-INCOME COUNTRY
POVERTY REDUCTION
COMMODITY PRICES
TRANSITION ECONOMIES
DEBT RELIEF
FISCAL POLICY
INSTITUTIONS
spellingShingle ECONOMIC GROWTH
LOW-INCOME COUNTRY
POVERTY REDUCTION
COMMODITY PRICES
TRANSITION ECONOMIES
DEBT RELIEF
FISCAL POLICY
INSTITUTIONS
Steinbach, Rudi
Growth in Low-Income Countries : Evolution, Prospects, and Policies
relation Policy Research Working Paper;No. 8949
description There are currently 31 countries classified as low income, less than half the number in 2001. Rapid growth in low-income countries from 2001 to 2018 allowed many to progress to middle-income status, supported by the commodity price boom of 2001-11, debt relief under the Heavily Indebted Poor Country Initiative and Multilateral Debt Relief Initiative, increased investment in human and physical capital, improved economic policy frameworks, and recoveries from the deep recessions in transition economies during the 1990s. However, the prospects for current low-income countries appear much more challenging. Compared to the low-income countries in 2001 that became middle-income countries, today's low-income countries are further below the middle-income country threshold and more often fragile; their heavy reliance on agriculture makes them vulnerable to climate change and extreme weather events; and their scope to boost external trade is limited by geography. Coordinated and multi-pronged policy efforts are required to address these challenges.
format Working Paper
author Steinbach, Rudi
author_facet Steinbach, Rudi
author_sort Steinbach, Rudi
title Growth in Low-Income Countries : Evolution, Prospects, and Policies
title_short Growth in Low-Income Countries : Evolution, Prospects, and Policies
title_full Growth in Low-Income Countries : Evolution, Prospects, and Policies
title_fullStr Growth in Low-Income Countries : Evolution, Prospects, and Policies
title_full_unstemmed Growth in Low-Income Countries : Evolution, Prospects, and Policies
title_sort growth in low-income countries : evolution, prospects, and policies
publisher World Bank, Washington, DC
publishDate 2019
url http://documents.worldbank.org/curated/en/578111564491745775/Growth-in-Low-Income-Countries-Evolution-Prospects-and-Policies
http://hdl.handle.net/10986/32151
_version_ 1764475904962068480

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