It would make it less likely for the country to shoot itself in the foot and radically lower the standards of living of its citizens, like happened and, unfortunately, still happens, in every country that adopted communist ideas in their government.
Just because poor countries become socialist doesn't mean socialism makes them poor. Consider that they were kept poor and socialism is the way out.
or lucky enough to have a goose laying golden eggs. i.e. the North Sea https://en.wikipedia.org/wiki/North_Sea_oil
Yes, for various reasons economic systems in many of them failed (or in few cases, it was nationalistic strife that dealt the blow), but others learnt lessons from it (for example, about badly defining and strictly adhering to plans, or too high concentration in one company, etc.)
You can't talk effectively about something until everybody agrees on what the words mean.