Since 1990, a total of 27 countries worldwide have achieved high-income status. Among these, ten are located in the Europe and Central Asia region and have become members of the European Union. Additionally, another 20 countries in the same region have experienced increased prosperity since the 1990s. However, middle-income countries (MICs) are now facing challenges in their efforts to transition to high-income status. This situation is partly due to a slowdown in structural reforms domestically and an unfavorable global environment.
The path to achieving high-income status has become more challenging due to factors such as high debt levels and aging populations in developing nations, as well as increasing protectionism in advanced economies. The report "Greater Heights: Growing to High Income in Europe and Central Asia," which serves as a companion to the World Development Report 2024, discusses how MICs across Europe and Central Asia can achieve high-income status by implementing a strategy focused on investment, infusion, and innovation.