The Stages of Economic Growth

The Stages of Economic Growth, proposed by economist Walt Rostow, outline how countries develop economically. It consists of five stages: 1. **Traditional Society**: Limited technology and subsistence agriculture. 2. **Pre-Conditions for Take-Off**: Initiation of infrastructure development and investments. 3. **Take-Off**: Rapid industrial growth and urbanization. 4. **Drive to Maturity**: Diversification of the economy and technological advancements. 5. **Age of High Mass Consumption**: Shift towards consumer goods and services, with higher living standards. These stages illustrate a pathway for nations to advance economically, reflecting changes in production, consumption, and overall societal development.