economic convergence

Economic convergence is the idea that poorer countries or regions tend to catch up to wealthier ones over time. As they develop, their income levels, living standards, and productivity improve, reducing the gap. This process can happen through investments, technology transfer, and policy improvements. Essentially, convergence suggests that economic disparities between nations can diminish as less developed economies grow faster than more advanced ones, promoting a more balanced global income distribution over the long term.