- "Economic growth can be defined as the increase or improvement in the inflation-adjusted market value of the goods and services produced by an economy in a financial year."
The increase in the production of goods and services over time.
Gross Domestic Product (GDP): Measures the total value of goods and services produced in a country over a specific period of time.
Human Capital Development: Refers to the development of knowledge, skills, and abilities of individuals to improve productivity and contribute to economic growth.
Technological Innovation: The development of new technologies that contribute to economic growth by improving efficiency and productivity.
Investment: The allocation of resources to productive activities to increase capital stock and promote economic growth.
Trade: The exchange of goods and services between countries that can facilitate economic growth.
Regulatory Policies: Policies such as tax policies, monetary policies, and labor policies that can impact economic growth positively or negatively.
Infrastructure Development: Development of physical infrastructure like transportation, communication, and energy facilities, which can improve the production and distribution of goods and services.
Foreign Direct Investment (FDI): Investment by companies or individuals from one country into another, with the aim of creating new businesses or expanding existing ones.
Economic Freedom: The ability of individuals and businesses to engage in economic activity without undue government intervention.
Globalization: The increasing interconnectedness of economies around the world, which can lead to increased economic growth and development.
Balanced growth: An economic growth strategy that is more equal in its distribution of resources, income, and opportunities across sectors and regions.
Export-led growth: A growth strategy that prioritizes increasing the volume and value of exports to drive economic development.
Import substitution: An economic growth strategy that aims to promote domestic manufacturing and production by replacing imported goods with domestically produced ones.
Resource-based growth: An economic growth strategy that focuses on developing and utilizing natural resources, such as minerals or energy sources, to drive economic development.
Technology-based growth: A growth strategy that focuses on promoting and investing in new technology and innovations to drive economic development.
Human capital-based growth: An economic growth strategy that prioritizes investing in education, training, and development of the population to drive long-term growth and development.
FDI-led growth: A growth strategy that focuses on attracting and retaining foreign direct investment (FDI) to drive economic growth.
Infrastructure-led growth: An economic growth strategy that prioritizes developing and improving infrastructure, such as roads, bridges, and communication networks, to support economic growth.
Rural-urban-based growth: An economic growth strategy that aims to create growth and development in both urban and rural areas.
Inclusive growth: An economic growth strategy that aims to ensure that the benefits of economic growth are shared equitably among all members of society, particularly vulnerable or marginalized populations.
- "Statisticians conventionally measure such growth as the percent rate of increase in the real and nominal gross domestic product (GDP)."
- "Growth is usually calculated in real terms – i.e., inflation-adjusted terms – to eliminate the distorting effect of inflation on the prices of goods produced."
- "Measurement of economic growth uses national income accounting."
- "The economic growth-rates of countries are commonly compared using the ratio of the GDP to population (per-capita income)."
- "The 'rate of economic growth' refers to the geometric annual rate of growth in GDP between the first and the last year over a period of time."
- "Economists refer to economic growth caused by more efficient use of inputs (increased productivity of labor, of physical capital, of energy or of materials) as intensive growth."
- "In contrast, GDP growth caused only by increases in the amount of inputs available for use (increased population, for example, or new territory) counts as extensive growth."
- "Development of new goods and services also generates economic growth."
- "In the U.S., about 60% of consumer spending in 2013 went on goods and services that did not exist in 1869."
- "Growth is usually calculated in real terms – i.e., inflation-adjusted terms – to eliminate the distorting effect of inflation on the prices of goods produced."
- "This growth rate represents the trend in the average level of GDP over the period, and ignores any fluctuations in the GDP around this trend."
- "GDP growth caused only by increases in the amount of inputs available for use (increased population, for example, or new territory) counts as extensive growth."
- "The economic growth-rates of countries are commonly compared using the ratio of the GDP to population (per-capita income)."
- "Economists refer to economic growth caused by more efficient use of inputs (increased productivity of labor, of physical capital, of energy or of materials) as intensive growth."
- "Growth is usually calculated in real terms – i.e., inflation-adjusted terms – to eliminate the distorting effect of inflation on the prices of goods produced."
- "Measurement of economic growth uses national income accounting."
- "The 'rate of economic growth' refers to the geometric annual rate of growth in GDP between the first and the last year over a period of time."
- "GDP growth caused only by increases in the amount of inputs available for use (increased population, for example, or new territory) counts as extensive growth."
- "Development of new goods and services also generates economic growth."