Emerging Market Chicken Littles

MILAN â?? Until relatively recently, countriesâ?? so-called middle-income transitions were largely ignored â?? in part because what was supposed to be a transition often became a trap. A few economies in Asia â?? particularly Japan, South Korea, and Taiwan â?? sailed through to high-income status with relatively high growth rates. But the vast majority of economies slowed down or stopped growing altogether in per capita terms after entering the middle-income range.