In the context of long-term economic growth, several theories have developed to explain how countries can achieve sustained increases in output per capita. One such theory is the Solow Growth Model, which highlights the role of capital accumulation, labor growth, and technological progress. However, critics argue that this model may have limitations in fully explaining disparities in growth experienced across different countries.

Consider the following statements regarding the Solow Growth Model and its implications for economic growth:

1. The Solow Growth Model posits that long-term economic growth is primarily driven by increases in total factor productivity, rather than capital or labor accumulation.

2. The model suggests that economies will converge to a steady-state growth path, implying that poorer economies will catch up to richer ones over time, provided they have similar saving rates and access to technology.

3. A key criticism of the model is that it fails to account for the impact of human capital and institutions, which can significantly influence productivity and growth rates in various countries.

Which of the following statements is correct regarding the implications of the Solow Growth Model?