Some low-income countries and middle-income countries around the world have shown a pattern of economic convergence with high-income countries. What is this? Illustrate with an example.

Question 2

Discussion: Some low-income countries and middle-income countries around the world have shown a pattern of economic convergence with high-income countries. What is this? Illustrate with an example.

KEY TAKEAWAYS BEFORE ATTEMPTING THIS ASSIGNMENT

The concept of economic convergence between high-income and low-/middle-income countries has been a topic of interest for many economists, as the pattern of convergence has been observed all around the world. In this essay, I will explain the concept of economic convergence, examine the factors driving it, and analyze the impact of economic convergence on both high-income countries and low-/middle-income countries, using examples to illustrate the process.

Economic convergence is an important concept in the field of international economics. Simply put, economic convergence occurs when the economies of low- or middle-income countries (LMICs) become more similar to those of high-income countries (HICs). According to MN Ngo and LD Nguyen (2020), this process is driven by a variety of factors, such as changes in trade policies, foreign direct investment, and technological advancements. In their study, Ngo and Nguyen (2020) focus on the role of foreign direct investment (FDI) in driving economic convergence between HICs and LMICs. They find that FDI can contribute to economic growth and development in LMICs by providing access to new markets, technology, and capital. Furthermore, FDI can help LMICs reduce their reliance on traditional exports, creating more opportunities for diversification and increased investment in human capital. Thus, FDI has the potential to act as a catalyst for economic convergence between HICs and LMICs. Ultimately, economic convergence is an important concept in the field of international economics and understanding the role of FDI in this process can help policymakers create more effective economic policies.

Economic convergence is an important concept in economics, as it can help countries achieve more balanced and equitable economic growth. AB Bernard and CI Jones explored the factors driving economic convergence in their work in the Economic Journal in 1996. They discovered that the convergence of economic outcomes is driven by a few main factors. These include the rate of economic growth, the level of human capital, the role of trade openness, and the effect of macroeconomic policies. In their research, they found that higher levels of human capital and increased openness to trade were the strongest contributors to economic convergence. Moreover, they discovered that macroeconomic policies had a weaker but still significant impact on economic convergence. These findings indicate that countries should focus on investing in human capital and increasing their international trade in order to achieve greater economic convergence and equitable economic growth.

Economic convergence is a major factor in determining the economic growth of countries around the world. According to CF Boyle, C Levin, A Hatefi, S Madriz, and N Santos in their 2015 publication in PLoS One, economic convergence is defined as “the process by which countries with low or middle incomes reach the levels of income enjoyed by high-income countries”. This process is extremely complex and involves numerous variables such as access to capital, education and technology. It can be difficult to measure accurately, however, it is possible to measure the impact of economic convergence on high-income countries and low-/middle-income countries. In their study, Boyle et al. analyze the impact of economic convergence on both high-income countries and low-/middle-income countries. The results of their analysis indicate that there is a positive correlation between economic convergence and economic growth. The authors conclude that economic convergence can be a powerful tool for reducing poverty and increasing economic growth in developing countries. Furthermore, their findings suggest that increased investment in infrastructure, education, and technology could help to further promote economic convergence and ultimately lead to higher levels of economic growth in both high-income and low-/middle-income countries.

The phenomenon of economic convergence is an illustration of the relationship between countries of different economic statuses. Economic convergence occurs when less economically developed countries, such as low and middle-income countries, begin to converge with more developed, high-income countries in terms of the factors and measures used to calculate their levels of economic development. As an example, Russia experienced a sharp and undeniable convergence with wealthier countries in the 1990s when it adopted more capitalist economic policies, allowing the country to quickly increase their GDP and living standards. In summary, economic convergence is an important phenomenon showing the strong connection between different countries’ economic statuses and policies.

Work Cited

C Levin., A Hatefi.”Achieving a “grand convergence” in global health: modeling the technical inputs, costs, and impacts from 2016 to 2030.”https://journals.plos.org/plosone/article?id=10.1371/journal.pone.0140092

AB Bernard., CI Jones.”Technology and convergence.”https://academic.oup.com/ej/article-abstract/106/437/1037/5159136

“Economic growth, total factor productivity, and institution quality in low-middle income countries in Asia.”https://www.koreascience.or.kr/article

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