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Low rate of capital formation: capital formation refers to the addition of capital stock such as equipment, transportation. These assets are major determinants of economic growth and development in a country
Social-cultural constrains: issues such as class, ethnicity, religion and politics of a country have been observed to be detrimental to economic growth and development
Human resource development: underdeveloped human resource leads to lower labor productivity due to lack of skills and knowledge necessary to exploit the available resources
Lack of industrial raw materials: shortage of raw materials such as copper, coal and petroleum has been cited as a major obstacle to economic development
Foreign exchange constrains: due to reliance on primary products, the international exchange rate system has been exposed to less developed countries to fluctuate in prices of their products
Dana05 answered the question on July 3, 2019 at 11:11
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