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Factors which may hinder economic development in a country

Answer Text:
Factors which may hinder economic development in a country
-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
-Inadequate capital. This reduces the rate at which
they exploit their natural resources, or produce in the economy
-Poor technology used. The traditional methods of production that they use cannot sustain their requirement any more
-Poor human resource endowment. Their inability to train adequate skilled manpower together with their inappropriate systemof education leads to their slow development
-Unfavorable domestic environment. Their political, social and economic institutions within their countries are not structured to favour economic development e.g economy characterized by corruption.