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Challenges faced by developing countries
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Economic Development
569 Words2 Pages
Recommended: Challenges faced by developing countries
Although Poland’s economy has developed more over the years, there still remains more room for it to grow. Many factors play into how to measure economic development such as the following: the availability of education and health to a country’s citizens, the use of appropriate technology, access to banking, credit and micro-credit, the empowerment of women, and income distribution. Economic development requires solid foundations of institutions provided by the government. A highly important source for economic development is the quality and quantity of resources available domestically in a county. A less developed country will face many challenges while trying to establish a stable economy that are internal and external. This also is referred to as domestic and international. These countries can face poverty traps, which are self-reinforcing gimmicks that contribute to the persistence of poverty in that nation. Once a country finds itself in a poverty trap it becomes very difficult to escape.
Poland’s economic minister, Janusz Piechocinski, recently said that everything depends on ...
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