Eichengreen et al. (2013) found that growth slowdowns were more likely in economies with high old-age dependency ratios, high investment rates and undervalued real exchange rates. Bulman and others (2014) found that escapees from the middle-income trap had higher TFP growth, faster transformations toward industry, better macroeconomic management and consistently more export orientation. Furthermore, countries with high secondary and tertiary education and with a larger share of high-tech products in exports are less likely to fall into the trap.