Explain the main factors that influence the rate of economic growth Ess

Explain the main factors that influence the rate of economic processEconomic growth will be different in M.E.D.Cs than it will be inL.E.D.Cs. The reason for this is that M.E.D.Cs are already developedand vast improvement may non be possible but in L.E.D.Cs they take for along way to catch up so it is easier for them to expand vastly.Economies like China and India have potential for vast economic growthbecause of a huge population. If these countries got their acttogether then they would be the world leaders. These two countriesalone account for 40% of the worlds population.Land- Different countries possess different amounts of land, it isdefined as all natural resources not just land itself. For exampleSaudi Arabia without its oil would just be another poor third worldcountry. The U.K s land became richer with the discovery of oil fieldsin the North Sea which have only croak exploited since the mid 1970s.Today oil contributes to about 3-4% of G.N.P. However the exploit ofraw mate rials is unlikely to be a significant source of growth indeveloped economi...