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Understanding the Dynamics of Economic Development in Developing Countries

Understanding the Dynamics of Economic Development in Developing Countries
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Author(s): Puneet Kumar (Kalinga University, India), Maricel C. San Diego (Bulacan State University, Philippines)and Maria Teresa R. Fajardo (Phinma University of Pangasinan, Philippines)
Copyright: 2023
Pages: 11
Source title: Handbook of Research on Bioeconomy and Economic Ecosystems
Source Author(s)/Editor(s): Ana Pego (Universidade Nova de Lisboa, Portugal)
DOI: 10.4018/978-1-6684-8879-9.ch020

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Abstract

In order for emerging countries to advance and prosper, their economies must develop in a complex and varied manner. The goal of this research study is to give readers a thorough grasp of the forces that drive economic growth in emerging countries. The introduction of the chapter provides an overview of the main ideas and theories surrounding economic development, covering elements like human capital, technical innovation, institutional quality, and globalisation. After that, it analyses the unique problems that developing nations face, including poverty, income disparity, and restricted access to resources and infrastructure. Additionally, this research study explores how social, market, and governmental elements interact to promote economic development. It examines how social capital, inclusive institutions, and good governance all contribute to the promotion of long-term economic success. Along with the potential advantages and difficulties of inclusion in the global economy, the influence of globalisation and trade on developing economies is also addressed.

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