10/26/2023 0 Comments Ukraine gdp per capita 2020That happens, for example, through foreign direct investment as companies from the rich countries bring new technologies to the poor countries. One reason is that innovations and technologies that are developed in the rich countries soon become available in the poor countries. There are two main reasons for why incomes across countries might converge over time. If economic growth is the same everywhere, then the differences in income across countries would remain the same. Alternatively, incomes would diverge if the rich countries grow more rapidly than poor countries. This process is called income convergence. If poor countries grow faster than rich countries, over time they will catch up in terms of their level of income measured by GDP per capita in PPP terms. Is the world income inequality getting smaller?
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