Why is it important to review the determinants of economic growth in a developed and underdeveloped country?
1 Answer
Economic development usually refers to the adoption of new technologies, transition from agriculture-based to industry-based economy, and general improvement in living standards.
Explanation:
Using economic development to determine the growth in any country whether developed or underdeveloped will make you think more about the right way to transform an underdeveloped to a developed country through some indicators, such as the HDI human developed index, the inequality and income distribution in each country, the poverty and the headcount index or even the historical/ colonial reasons and a lot more indicators.
I recommend you to read about Economic development, it is a very interesting field and you will get to know how much each underdeveloped country in the world suffer from several points and how these countries tries to recover.
Try to use worldbank official website to know more about this with accurate calculations for each country around the world.
