Factors that Influenced the Development of a Country

Human Resource: One of the most important determinants of a country's economic growth.
The quantity and quality of available human resources can have a direct impact on an
economy's growth. The quality of a human resource is determined by its skills, creative abilities,
training, and education. If a country's human resources are highly skilled and trained, the
output will be of high quality. A shortage of skilled labor, on the other hand, hinders an
economy's growth, whereas a labor surplus is less important to economic growth. As a result, a
country's human resources should be sufficient in number and equipped with the necessary
skills and abilities in order to achieve economic growth.

Natural Resources: It has a significant impact on a nation's economic progress. Resources that
are created by nature on or beneath the surface of the earth are referred to as natural
resources. Plants, water resources, and the landscape all comprise the resources of the land.
Oil, natural gas, metals, nonmetals, and minerals are some of the underground resources. A
country's natural resources are determined by climatic and environmental factors. Countries
with abundant natural resources experience faster growth than countries with limited natural
resources. The efficient utilization or exploitation of natural resources is dependent on human
resource skills and abilities, technology used, and the availability of funds. A country with a
skilled and educated workforce and abundant natural resources propels its economy forward.

Capital Formation: Land, building, machinery, power, transportation, and a means of

communication are all involved. Capital formation refers to the process of creating and
acquiring all of these manufactured goods. Capital formation increases the availability of capital
per worker, which raises the capital/labor ratio even further. As a result, labor productivity
rises, leading to an increase in output and economic growth.

Technological Development: One of the important factors influencing an economy's growth.

Technology entails the application of scientific methods and manufacturing techniques. In other
words, technology is the nature and type of technical instruments used by a specific amount of
labor. Technological advancement aids in increasing productivity with limited resources.
Countries that have worked in the field of technological development grow faster than
countries that have placed less emphasis on technological development. The selection of
appropriate technology is also important for economic growth. On the contrary, inappropriate
technology results in high production costs.
Social and Political Factors: Play an important role in a country's economic growth. Social
factors include customs, traditions, values, and beliefs, all of which contribute significantly to
economic growth. A society with traditional beliefs and superstitions, for example, resists the
adoption of modern ways of life. Achieving becomes difficult in such a situation. Aside from
that, political factors such as government participation in policy formulation and
implementation play an important role in economic growth.