Thank you AZryan for the link. The article tells us that advanced economies eventually reach a plateau of machine production. We can afford cars, washing machines and refrigerators, but once we have those, we can never afford private yachts and private jets.
Seen from that point of view, then we expect that well managed middle income nations will reach rich country level, then stay at a plateau, the size of their economies being largely determined by their population size.
Argentina has been famously mismanaged for decades, but could come good. When Japan got modern at the start of the Meiji era, about 1870, Japan feared that China would also become modern and powerful. As it turned out, China took another hundred years to get modern.