2.6 Are Living Standards of Developing and Devolved Nations Converging?

Yes, living standards of developing and devolved nations are increasingly converging. This trend is due to a combination of forces including advances in technology, increased access to global markets, and the rise of regional economic integration initiatives. Developing nations are now able to benefit from increased foreign investment and access to technologies used by developed nations to produce goods and services more efficiently. These countries have also gained access to global capital with improved access to financial services, trade agreements and other forms of assistance. Finally, regional economic integration initiatives have enabled developing countries to increase their capacity to produce goods and services with other countries in the same region by sharing resources, infrastructure, and expertise. All of these factors have contributed to the convergence of living standards in developing and devolved nations.