The Peterson Institute for International Economics – Washington, D. C.
After many decades of expansion, incomes and standards of living have never been better in many parts of the world. Yet, in the developed economies, there is anxiety over the loss of manufacturing jobs that once absorbed a large share of the labor force and created a middle class that formed the core of democracy. The vast majority of middle- income countries have not yet been able to make the transition to the high-income group despite decades of growth. Progress among low-income countries, particularly sub-Saharan African countries, in achieving productivity growth and structural transformation has been slow, and deindustrialization has occurred in some.Keep me informed