Answer to Question #197102 in Economics for Sarah

Question

assess the possibility that today’s developing countries will attain the level of economic development enjoyed by today’s developed countries 

Answer 1

Although developing countries can see faster economic growth than more economically advanced countries, the limitations posed by a lack of capital can greatly reduce a developing country's ability to catch up. Historically, some developing countries have been very successful in managing resources and securing capital to efficiently increase economic productivity; however, this has not become the norm on a global scale.