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The Americas (Minus The Usa), & The Caribbean Nations
Length: 4 pages (1100 Words)
Firstly, poor economic policies such as inward looking of developmental strategies and high inflation have proven to be the main reason behind slow growth in areas such as the Caribbean and Latin America. Advancement of reforms within these regions can lead to substantial growth of various economic prospects. New approaches to sources of growth, based on different social and economic factors that boost growth, can go a long way in unleashing the vast growth potential that these areas of the Americas have. The analyses of different factors that determine growth include the rate of productivity growth as well as the catching up process as main contributors. Other determinants include the level of income and the saving rate, which go a long way in helping to explain why investments have a separate effect in areas such as Latin America and the Caribbean, from investments in the United States. However, the rate of saving is a factor that is also determined by the investors, rather than solely by the citizens of the country. For instance, banking rates from foreign banks determine the rate of saving by the consumers. Nevertheless, the most significant point in all these findings is that higher levels of growth can be attained through coming up with policies and institutions that are conducive for growth. Therefore, relying on high investments in promoting growth, or explaining growth as only being brought about by important investment effort, can be considered as being misleading to some degree. Policies and institutional factors greatly contribute in long-term economic growth, and this is done through total factor productivity and capital accumulation.