Explain the main factors that influence the rate of economic growth Ess

Explain the chief(prenominal) factors that influence the rate of economic growthEconomic growth forget be different in M.E.D.Cs than it will be inL.E.D.Cs. The author for this is that M.E.D.Cs are already developedand vast improvement may not be possible but in L.E.D.Cs they have a pertinacious way to catch up so it is easier for them to expand vastly.Economies like chinaware and India have potential for vast economic growthbecause of a broad population. If these countries got their acttogether then they would be the knowledge base leaders. These two countries unsocial account for 40% of the worlds population.Land- Different countries possess different amounts of land, it isdefined as all natural resources not just land itself. For exampleSaudi-Arabian Arabia without its oil would just be another poor third worldcountry. The U.K s land became richer with the discovery of oil fieldsin the northmost Sea which have only become exploited since the mid 1970s. today oil contributes to about 3-4% of G.N.P. However the exploit ofraw materials is unlikely to be a significant source of growth indeveloped economi...