Problem 21

Introduction

Convergence refers to a pattern where the low and middle-income economies' growth trend shows more aggressive and rapid than those of higher-income economies. As shown in table 20.5 Irrespective of the higher rate of growth reflected in low-income countries, it has its own share of investments that is made both on human and physical, technological gains, market forces, policies, and regulations, but with an overall pattern that is leading to convergence.  Will this pattern of economic growth will have any impact on the future economy. Some economists argue in favor of “yes it does” and some are against it.