Overcoming the "middle-income trap": Chile case study

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Santiago Galeano Hernandez
Pablo Galeano Hernandez

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Abstract

The following article looks into the concept of the middle-income trap. First it focuses in Latin America as the region is home to several cases of said phenomenon and demonstrates the different struggles various nations go through to overcome it. It also analyses what other regions, like Asia Pacific, have done to deal with middle income. Afterwards it concentrates in Chile to analyze how it has dealt with the middle-income trap. Concludes that while Chile has gone a long way to progress and reach very high levels of income, there are still several aspects in their economy must change in order to fully escape the problems that coincide with the aforementioned phenomenon.

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