Barriers Towards Economic Development
Political Structure/Governance
Corruption
Political instability
Restricted flow of labour force due to restrictions on specific nationalities/passport
Human Capital
Availability of Natural Resources
Geographical location can determine the abundance of natural resources that drives economic growth
More developed countries may exploit countries with great natural resources resulting in them trapped in the low-developed cycle despite them having high availability of natural resources
Poverty Cycle within the country
Poor access towards education and health
Low opportunities for jobs
Historical Background of Country
Colonialism
Countries with strong colonialism background may still suffer from exploitation and oppression despite gaining independence
Great wealth gap / Unequal income distribution
May be damaged due to natural disasters that may be more often in some countries than the other
Size
Influenced by the population size of the country. As bigger countries are more difficult to govern than smaller countries
Financial Capital
Countries with stronger GDP may have greater potential in developing their countries as they have more financial capital to invest in public and merit goods (education, transportations, infrastructures, road, healthcare)
Capital Flight
Remittances leaving the country may impact the domestic economy, providing lesser financial capital for the domestic country to grow
Social Conflict
Ethnic and religious conflicts resulting in disputes within the economy, potentially deforming the labour force market