Question

The catch-up effect says that low-income countries can grow faster

Answer 1

worldwide markets are already established with bis stakeholders like McD, Appe, MS, Aldi Car Manufacturers etc.

so seeing a big corporation emerging from an underdeveloped country would be kind of a suprising thing to happen.

also, economically developed countries are likely to have stable trade relationships with other countries. giving them an edge over outsiders.

Already existing infrastructure might also be a concern to keep in mind when planning your business. It's nice to have mobility, internet, electricity, water at you tap.

I guess there could even be some kind of language barrier for many countries with an insufficient educational system. that might hinder individuals to participate in the global market and community.