Economic Growth
Economic growth refers to the increase in the production of goods and services in an economy over a period of time, usually measured by the rise in Gross Domestic Product (GDP). It indicates an improvement in a country’s economic health, allowing for more jobs, higher incomes, and improved living standards. Factors driving growth include investments in infrastructure, education, technology, and natural resources. While growth can lead to prosperity, it’s important to manage it sustainably to avoid negative consequences such as environmental degradation and income inequality.
Additional Insights
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Economic growth refers to an increase in the production of goods and services in an economy over a period of time, typically measured by the rise in Gross Domestic Product (GDP). It indicates a country's ability to improve living standards, create jobs, and enhance overall prosperity. Factors contributing to economic growth include investments in infrastructure, education, technology, and favorable government policies. When an economy grows, it often leads to more opportunities for individuals and businesses, resulting in improved health, education, and well-being across society. However, growth must be sustainable to ensure long-term benefits.