When considering the impact of institutions and policies on economic performance, what are the facrors that affects it?

The factors that affect it are Societal factors, external factors, and implementation.

Explanation:

Societal factors include the tradition and principles that held by the citizens. Policies that are not suitable to people's tradition and principles would not resulted in good performance. External factors refers to something that outside of people's control such as natural disasters, and Implementation refers to how well the government able to execute the policies.