For developing countries, what is the main driver of economic growth? Previously, we thought that economic growth was primarily linked to declining fertility rates, so that as birth rates decline, the proportion of children in the population also declines and this results in a larger proportion of people who are of working age, and contributing to the economy.
However, researchers from the Vienna University of Economics and Business, and the Austrian Academy of Sciences have found that improvements in economic development can be largely explained by an increase in the education levels of younger people.
Also, in countries where the fertility rate had declined but education levels did not increase, the increase in economic growth was not as pronounced as in countries where education levels also rose.
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