The limits of the 'Great Convergence'

The potential for poorer economies to catch up to richer ones has long been a dominant economic narrative, but an OECD report suggests that outcome may prove elusive for some emerging countries.

Lowy Interpreter

Graph for The limits of the 'Great Convergence'

Economic convergence -- the potential for poorer countries to catch up with the richer countries -- may be the most important economic narrative of the post-World War II era. More than a billion people have shifted out of extreme poverty, largely by adopting technology and techniques already practised in the advanced economies. Convergence is not, however, an automatic process, like water finding its level. Not all poor countries will experience convergence, and even those that do will not necessarily catch up all the way.

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