Template-Type: ReDIF-Paper 1.0 Author-Name: Dev Patel Author-Name-First: Dev Author-Name-Last: Patel Author-Email: devpatel@g.harvard.edu Author-Workplace-Name:` Harvard University Author-Name: Justin Sandefur Author-Name-First: Justin Author-Name-Last: Sandefur Author-Email: jsandefur@cgdev.org Author-Workplace-Name:` Centre for Global Development Author-Name: Arvind Subramanian Author-Name-First: Arvind Author-Name-Last: Subramanian Author-Email: arvind.subramanian@ashoka.edu.in Author-Workplace-Name:` Department of Economics, Ashoka University Title: The New Era of Unconditional Convergence Abstract: The central fact that has motivated the empirics of economic growth—namely unconditional divergence—is no longer true and has not been so for decades. Across a range of data sources, poorer countries have in fact been catching up with richer ones, albeit slowly, since the mid-1990s. This new era of convergence does not stem primarily from growth moderation in the rich world but rather from accelerating growth in the developing world, which has simultaneously become remarkably less volatile and more persistent. Debates about a “middle-income trap” also appear anachronistic: middle-income countries have exhibited higher growth rates than all others since the mid-1980s. length: 30 Creation-Date: 20210205 Revision-Date: Publication-Status: File-URL: https://dp.ashoka.edu.in/ash/wpaper/paper54_0.pdf File-Format: Application/pdf Number: 54 Keywords: economic growth Keywords: middle-income trap Keywords: Unconditional convergence Handle: RePEc:ash:wpaper:54