1. According to Rostow’s stages development model, how an economy can improve to drive to maturity stage from take-off stage?

Rostow describes the take-off stage as a short period of intensive growth, in which industrialization begins to occur, and workers and institutions become concentrated around new industries. This stage refers to a society's transformation from a traditional to a modern state. In most economies, there is a leader section, which grows fast and affects other sections and the government incorporates a competitive advantage in it. Two main features can be enumerated for this stage, first, rapid and self-sustained economic growth, and second, is the fact that investment in many industries starts to grow fast. There are different requirements a country ought to meet in order to effectively progress to the maturity stage: • The first property of the take-off stage is nothing but the rate of investment. To finance a large number of large-scale investment ventures, the take-off stage necessitates a large number of financial assets and funds. • The saving ratio, as well as investment ratio, needs to exceed 10% of national income. • The development of modern social, economic, and political institutions. • The emergence of one or more significant manufacturing sectors as leader sections with a high rate of growth. • The traditional economy is replaced by the industrial economy. • International trade rises sharply. • The economy moves from a dual economy to a homogeneous developing economy with a growth rate of 7% or 8%. • Urbanization increases, industrialization proceeds, technological breakthroughs occur. • A community of entrepreneurs in society who seek innovation and increase the pace of economic growth is also needed to make a smooth transition from this stage to the next.