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

Explain the main factors that influence the rate of economic growth Economic growth will be different in M.E.D.Cs than it will be in L.E.D.Cs. The reason for this is that M.E.D.Cs are already developed and vast improvement may not be possible but in L.E.D.Cs they have a long way to catch up so it is easier for them to expand vastly. Economies like China and India have potential for vast economic growth because of a huge population. If these countries got their act together then they would be the world leaders. These two countries alone account for 40% of the worlds population. Land- Different countries possess different amounts of land, it is defined as all natural resources not just land itself. For example Saudi Arabia without its oil would just be another poor third world country. The U.K s land became richer with the discovery of oil fields in the North Sea which have only become exploited since the mid 1970s. Today oil contributes to about 3-4% of G.N.P. However the exploit of raw materials is unlikely to be a significant source of growth in developed economi...