Publication:
Greater Heights: Growing to High Income in Europe and Central Asia

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dc.contributor.authorIacovone, Leonardo
dc.contributor.authorIzvorski, Ivailo
dc.contributor.authorKostopoulos, Christos
dc.contributor.authorLokshin, Michael M.
dc.contributor.authorRecord, Richard
dc.contributor.authorTorre, Iván
dc.contributor.authorDoczi, Szilvia
dc.date.accessioned2025-01-31T23:09:34Z
dc.date.available2025-01-31T23:09:34Z
dc.date.issued2025-03-12
dc.description.abstractTwenty-seven countries have reached high-income status since 1990. Ten of these are in the Europe and Central Asia region and have joined the European Union. Another 20 in the region have become more prosperous since the 1990s. However, their transition to high-income status has been delayed. These middle-income countries have found that the prospects for growth to high-income status have become even more difficult since the 2007–09 global financial crisis. This reflects partly a slowdown in structural reforms at home and partly the challenges associated with a deterioration in the global environment. The concern has emerged that many countries in the region may be caught in the middle-income trap, a phase in development characterized by a recurring deceleration in growth and by per capita incomes that are systematically below the high-income threshold. To ensure that these countries overcome the obstacles to growth and achieve progress toward high-income status, policy makers need to make the transition from a strategy driven largely by investment to a strategy that is supported by the importation and diffusion of global capital, knowledge, and technology and then to a strategy that complements these with innovation. The report Greater Heights: Growing to High Income in Europe and Central Asia relies on the 3i strategy described in World Development Report 2024—investment, infusion, and innovation—to propose policy options to assist middle-income countries in Europe and Central Asia in the effort to reach high-income status. Drawing on comprehensive empirical analysis, the report offers actionable recommendations that will enable policy makers to advance stronger economic growth across the region. Such a transition will require continued and sustained foundational reform to maximize the drivers of economic growth while pivoting to new transformative reforms to promote the development of more complex economic structures and institutions. These involve the need to discipline incumbents, boost the role of the private sector, strengthen the competitive environment, and reward merit. The emphasis on a strategy driven by innovation is also critically important for those countries that have already attained high-income status. en
dc.identifier.doi10.1596/978-1-4648-2206-3
dc.identifier.isbn978-1-4648-2206-3
dc.identifier.urihttps://hdl.handle.net/10986/42752
dc.language.isoen_US
dc.publisherWashington, DC: World Bank
dc.relation.ispartofseriesEurope and Central Asia Studies
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttps://creativecommons.org/licenses/by/3.0/igo/
dc.subjectHIGH-INCOME STATUS
dc.subjectECONOMIC GROWTH
dc.subjectSCHUMPETERIAN CREATIVE DESTRUCTION
dc.subjectENTERPRISES
dc.subjectTALENT AND SOCIAL MOBILITY
dc.subjectENERGY
dc.titleGreater Heightsen
dc.title.subtitleGrowing to High Income in Europe and Central Asiaen
dc.typeBook
dspace.entity.typePublication
okr.date.disclosure2025-03-12
okr.doctypePublications & Research
okr.doctypePublications & Research::Publication
okr.guid099040225173026444
okr.identifier.docmidP174377
okr.identifier.doi10.1596/978-1-4648-2206-3
okr.identifier.report200237
okr.region.administrativeEurope and Central Asia
okr.topicMacroeconomics and Economic Growth::Economic Growth
okr.topicMacroeconomics and Economic Growth::Income
okr.unitECACE
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relation.isAuthorOfPublication.latestForDiscovery1c6a6184-37da-4d0b-a30a-a4779e7c6fea
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