Determinants of Economic Growth in Developing Countries

Abstract

The research of the determinants of economic growth in developing coun- tries is focused to assessing the prospects for the development of this group and its convergence with developed countries. The purpose of research is to iden- tify the determinants of the economic growth of developing countries for the fur- ther development of conclusions on their development and convergence with de- veloped countries. The object of research is the economic development of de- veloping countries. The concept of development was investigated in the context of two general approaches, it were estimated its critical remarks and it were es- tablished historical links between industrialization and economic growth. It is de- fined the relationship between the growth rates of the developing countries, their deviations in per capita income and the share in world GDP. It is defined the place of developing countries in world industrial production and export and it is established the influence of industrialization on international trade and invest- ment. It is investigated the degree of attraction of human and physical capital in the production of natural resources and added value. It is analyzed the world level of real wages and It is determined the extent of its promotion in the achievement of high end results of labor. It is estimated the inflation rate and its impact on the profitability of investment projects and it is defined the competitive-ness of countries. It is formulated the conclusions on the development of developing countries and the prospects of their convergence with developed countries.