Barriers to Economic Growth and Development

This essay hasn't yet been marked by one of our teachers

You can view all our essays on Economics that have been Marked by Teachers

The first 200 words of this essay...

Barriers to Economic Growth and Development

Economic growth and development is what every country want for their wealth, but somehow it is quite impossible for some countries (especially LEDC) to gain economic growth and development, since there are many barriers to growth and development that hold back developing countries. Common examples of the barriers are Poverty cycle, Institutional and Political factors and International financial barriers. These are basically the barriers that act as a hindrance to economic growth, economic development and sometimes both.

Many poor countries in Africa and Asia are known to have a poor institutional and political system and through this they are facing a variety of barriers to growth. One of the important barriers to institutional barriers is 'Lack of infrastructure'1. It is known that most developing countries are lacking infrastructure even though it is important to economic growth. Infrastructure consists of the vital facilities and services such as good water systems, roads, sewage treatment, telecommunications, airports etc... The dearth of any of these facilities mostly harms the process to achieve economic growth. For example if the road conditions are bad it is obvious that the goods cannot be transported from one country to