The economy of a country decides whether the particular nation is to be called as developed nation, developing nation, or under developed nation. The process of economic growth is a highly complex phenomenon and is influenced by numerous and varied factors such as economic, political, social and cultural factors. The economy is measured in terms of GDP (Gross Domestic Product) and GDP per capita.
The factors which determine the economic growth of a country can be broadly divided into two categories which can further be divided into smaller categories.
The two main categories are:-
1) Economic Factors
2) Non-Economic Factors
Economic Factors :
Economic factors can be defined as the determinants which are directly involved in calculating the economic growth. These are the measures which finally yields the results on economic growth.
They can be named as:
a)Capital Formation
b)Natural Resources
c)Conditions in foreign trade
d)Economic System.
Non Economic Factors :
These are the factors on which Economic factors are dependent. They form the backbone of the economy.They may be categorically described as
a)Human resources
b)Political Freedom
c)Social Organisation
d)Corruption
e)Desire to develop.
Clearly,the economic growth of country depends on lot of minute and major factors,and hence a lot is dependent on the government of the country and what type of people are governing it.The top level people should ensure that effective measures are taken to revive the economy of country so that they can make their nation a better place to live in.
Following is the list of top 20 poorest nations of the world with Republic of Congo(GDP 20.6 billion)right at the top of the list.
Here is a complete list of 20 most poorest nation in the world :
Courtesy: www.squamble.com
