Causes of "High Income Trap" in Developed Countries and Coping Strategies

Meijuan Wang

Asian Agricultural Research, 2018, vol. 10, issue 05

Abstract: The economic crisis in 2008 dealt a heavy blow to the developed countries and even the whole world. The long-term stable growth of the western economy was broken, and it is mired into the so-called "high-income trap". This paper argues that the reasons why developed countries fall into the "high income trap" can be summarized as three aspects: internal factors, external factors and fundamental reasons. On this basis, this paper analyzes the response strategies and effects of developed countries, in order to provide a reference for our country to be a high-income country while maintaining sustained and stable economic growth.

Keywords: Agribusiness (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:ags:asagre:277962

DOI: 10.22004/ag.econ.277962

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