Asked by
Nicole Ieraci
on Nov 16, 2024Verified
The catch-up effect refers to the idea that poor countries, despite their best efforts, are not likely ever to experience the economic growth rates of wealthier countries.
Catch-Up Effect
The property whereby countries that start off poor tend to grow more rapidly than countries that start off rich
Economic Growth Rates
The percentage increase in the market value of the goods and services produced by an economy over time, typically measured on an annual basis.
- Acquire an understanding of ideas pertinent to economic catch-up, encompassing the catch-up effect and its constraints.
Verified Answer
KL
Learning Objectives
- Acquire an understanding of ideas pertinent to economic catch-up, encompassing the catch-up effect and its constraints.
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