Member nations of the Organisation for Economic Co-operation and Development (OECD)with a lower GDP per capita in 1960 experienced what sort of growth during the subsequent 40 years?

Question

Quizplus · Accepted Answer

Research has shown that countries with lower GDP per capita in 1960 experienced faster economic growth during the subsequent 40 years than higher GDP per capita countries. This is known as the "convergence hypothesis." The idea is that poorer countries have more room for improvement and can adopt technologies and policies that have been successful in already developed countries. This leads to faster growth rates and eventually will result in an overall decrease in income inequalities across countries.

Member Nations of the Organisation for Economic Co-Operation and Development