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Economic Growth

Economic growth is the increase in a country's production of goods and services over time. It measures an economy's expansion and is typically expressed as a percentage change in a nation's gross domestic product (GDP).

What You Need To Know

When an economy experiences economic growth, the country is producing more goods and services than in the past. This expansion is often associated with positive developments such as higher employment rates, increased wages, improved living standards, and greater opportunities for businesses and individuals.

Economic growth is influenced by several factors, including investments in capital goods, infrastructure, and human capital, new technologies and innovations, consumer spending, government policies, and international trade and globalization. It is an essential goal for policymakers and economists, as it is seen as a key indicator of a nation's prosperity and well-being. However, economic growth does not always evenly benefit all segments of society, and sustainable growth requires careful management of resources and consideration of social and environmental factors.