Abstract
Middle Income Trap is an insurmountable obstacle for many countries of late-development with Latin American countries as typical examples represented by Argentina and Mexico which have long been economically stagnant since they entered the ranks of middle-income countries with an average stagnation period of 37 years, among which Argentina 49 years, Chile 40 years, Uruguay 38 years, Mexico 37 years, Brazil 36 years and Colombia 32 years. Therefore, Middle Income Trap is also known as “Latin American Trap”.
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