Section 5.3 Barriers to economic growth and/or development - notes
We have already seen that a high quality institutional framework is an essential pre-requisite for development. This means that institutional weaknesses will be a significant factor restraining growth and development.
In this section, we consider these issues in more detail and also look at the poverty cycle - a trap that prevents many economies from developing and growing. We also consider the following topics in detail:
- Poverty cycle
- Institutional and political factors
- International trade barriers
- International financial barriers - indebtedness
- Social and cultural factors
