Consider the following statements about Late Converger Stall 1 The phenomenon of Late Converger Stal...........

Economic Affairs Growth and Indicators

Consider the following statements about Late Converger Stall:

1.The phenomenon of Late Converger Stall occurs when a poorer country fails to achieve the desired standards of living of the richer countries.

2.During last decade hyper- globalisation has worked in favour to overcome late convergence stall problem for developing countries.

Which of the statements given above is/are correct?

1 only

2 only

Both 1 and 2

Neither 1 nor 2

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Explanation:

1 only

Late Converger Stall: The phenomenon of Late Converger Stall refers to a situation where a poorer country fails to achieve the desired standards of living of the richer countries. This means that despite efforts to catch up with more developed nations, the progress in narrowing the income gap slows down or stagnates.

Hyper-globalization working in favor to overcome Late Convergence Stall: The second statement is not accurate. The term "hyper-globalization" does not necessarily imply a solution to the Late Converger Stall problem. The impact of globalization on convergence can be complex, and its effects may vary for different countries. Economic globalization can lead to increased opportunities for growth and development, but it can also pose challenges and risks, depending on how it is managed.

Therefore, only the first statement is correct.