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i. Low natural resource endowment. Absence or inadequacy of natural resources such as raw materials, fertile land for agriculture, etc may slow the pace of the country’s economic development
ii. Inadequate capital. This reduces the rate at which they exploit their natural resources, or produce in the economy
iii. Poor technology used. The traditional methods of production that they use cannot sustain their requirement any more
iv. Poor human resource endowment. Their inability to train adequate skilled manpower together with their inappropriate system of education leads to their slow development
v. Unfavorable domestic environment. Their political, social and economic institutions
within their countries are not structured to favour economic development. For example
o Their political system is characterized by corruption, authoritarian kind of leadership with lengthy procedures and bureaucratic controls that scares the investors
o Their social environment is still full of outdated or retrogressive cultural values and negative attitude towards work and investment, leading to slow development
o Their Economic institutions has allowed their markets to be influenced so much that that leads to interference in their smooth operations
Vicky001 answered the question on September 24, 2017 at 20:31
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