Economic growth is a broad term encompassing the expansion of an economy’s production of goods and services. It is often measured by the percentage growth in gross domestic product (GDP). GDP is the total monetary value of all finished goods and services produced within a country’s borders in a specific time period. Notably, economic growth is distinct from development, which encompasses broader qualitative improvements in a country’s standard of living.
Economic growth is widely considered a positive phenomenon, as it often results in higher incomes, improved living standards, and increased opportunities for individuals and businesses. Historically, sustained economic growth has been associated with technological advancements, human capital development, and efficient resource allocation. Various factors can contribute to economic growth, including government policies, technological innovation, foreign investment, and international trade.
