Analyzing the Impact of Political and Social Factors on GDP Growth: A Comparative Study of Developed and Developing Countries
Summary
The economic potential of developing countries is a subject of hot debate. But how much of that potential comes from social and political progress? In this research paper I investigated the effects of sociopolitical progress on GDP growth in developed and developing countries. The findings reveal that sociopolitical progress statistically significant in predicting economic growth in developing countries, whereas the effect is insignificant in developed countries. These findings highlight the importance of sociopolitical development in driving economic growth, particularly in developing countries. Hence, developing countries can tap into this potential by focusing on improving judicial systems, freedom of speech, wealth distribution, and human development