Normally this would create the potential for a lot of catch-up growth.
The post-war period is rich in examples of blistering catch-up growth.
That gives it plenty of scope to enjoy catch-up growth, unlike Japan's economy, which was still far smaller than America's when it reached the technological frontier.
These two conditions, good institutions and easy access to large markets, sound like a rather promising recipe for catch-up growth, even in a generally unfavorable economic environment.
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But the committee warns the "oversight of academies has had to play catch-up with the rapid growth in academy numbers", and heard concerns of money being allocated twice in some cases.
Government borrowing will continue to crowd out the private investment that Poland needs to raise growth and catch up with its richer neighbours in the European Union, which it joins in May.
Energy is a key component in this onslaught of growth and desire to play catch up.
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Well, the American historical record is the worse the recession, the stronger the recovery, as the American economy snaps back to its long term, world leading, economic growth trend, which entails actually faster than normal growth for a time to catch up.
He added that the UK housing market outside of the south east was now playing catch-up and there was still room for substantial growth.
Overall, the operational costs of the mining company is set to rise due to the increased energy prices, high labor costs and investments in organic growth as the company tries to catch up with the rising demand across all the commodities.
China needs to shift to a more sustainable growth model, and adopting a new growth strategy will trigger a structural catch-up process in global investment and consumption.
But these cases also demonstrate that our capital markets eventually catch up with businesses that get through the IPO window with fast growth.
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For years those opponents have argued that the Kirchners' growth-at-all-costs strategy would catch up with them.
An intrusive industrial policy may have boosted economic growth in the 1960s, when Japan was scrambling to catch up with the technologically superior West.
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But the new trade figures underscore how much more needs to be done if we want to catch up with the likes of Germany and count on those markets for a significant part of our growth.
"As the world becomes increasingly connected, their decision to be virtually isolated is very much going to affect their physical world, their economic growth and so forth, and it will make it harder for them to catch up economically, " he said.
The Lewis Point is the great test for catch-up economies, when they can no longer rely on cheap labour, copied technology, and export-led growth to keep the game going.
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