The lower-income industrial countries are catching up to the higher-income industrial countries in terms of real GDP per capita.

Question

Quizplus · Accepted Answer

This trend, often referred to as economic convergence, has been observed in recent decades as lower-income countries experience faster economic growth than higher-income countries. As a result, the gap in real GDP per capita between these two groups of countries has been narrowing. However, there is still a significant disparity between the richest and poorest countries, and not all lower-income countries are catching up at the same pace.

The Lower-Income Industrial Countries Are Catching Up to the Higher-Income