FOREWORD

EXECUTIVE SUMMARY

INTRODUCTION

COMPARATIVE GROWTH AND STRUCTURAL TRANSFORMATION OF UMICs
　Economic Growth of UMICs and HICs
　Sources of Labor Productivity Growth in UMICs and HICs
　Structural Changes in UMICs and HICs
　Are UMICs Experiencing the Middle-income Trap?
　Is Premature Deindustrialization Found in UMICs?
　Findings from Comparative Economic Growth Analysis

CHALLENGES FOR ECONOMIC GROWTH IN APO UMICs
　Defining Challenges for Economic Growth
　Comparison of Indicators related to Fundamentals of Economic Growth
　Impact of COVID-19 and its Implications

POLICY IMPLICATIONS FOR APO UMICs
　Downside Risks and Upside Potential: What to Do
　Policy Implications from the Experiences of APO HICs
　Applicability of Experiences of APO HICs to APO UMICs

REFERENCES

APPENDIX

LIST OF TABLES

LIST OF FIGURES

LIST OF CONTRIBUTORS