Drive to Maturity

This is the fourth stage of economic growth. It is evidenced by several features.

  • Technological advancement and maturity. Modern and efficient techno used in production process of the economy.
  • Use of more professional labourforce e.g. accountants, consultants, con managers, etc.
  • Increased levels of research and innovativeness.
  • There rate of investment of national income increases from 10-20% where multi national corporations contribute greatly to the total national output.
  • The rate of industrialization also increases quite significantly.
  • The viscious circle of poverty is completely broken and is no more.
  • There is more equitable distribution of incomes among the majority of individuals in society.
  • The rate of output increases in the new leading sectors.
  • Significant industries emerge or come up to play a leading role in the development of the economy, e.g. iron and steel industries.
  • High and increasing levels of the export trade.
  • The economy also tends to reduce the level of importation.
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