"The process by which the economic well-being and quality of life of a nation, region, local community, or an individual are improved according to targeted goals and objectives."
The factors that promote economic growth in urban areas, including innovation, entrepreneurship, investment, and human capital.
Gross Domestic Product (GDP): The total value of goods and services produced within a country's borders in a given period. It is a key measure of economic growth.
Population and Demographics: Understanding the population growth and demographics of an area can help inform policies that will promote economic growth.
Transportation: Transportation infrastructure is crucial when it comes to economic growth. It helps connect people and businesses, thereby enhancing productivity and economic performance.
Employment and Labor Market: The employment rate is a major factor when measuring economic growth. Cities with high employment rates will have higher GDP and contribute more to the overall economy.
Housing and Real Estate: The price of housing and property in a city is another key indicator of economic growth. Rising house prices are often indicative of a growing economy as demand for housing increases.
Education and Skills: Education and skills are necessary for economic growth as they provide the workforce with the knowledge and abilities required by businesses to grow and prosper.
Innovation and Technology: Innovation and technology drive economic growth by creating new products, services, and industries.
Natural Resources: Natural resources have the potential to drive economic growth as they are used to create goods and services. However, careful management is necessary to ensure sustainable development.
Entrepreneurship: Entrepreneurs are the driving force behind economic growth. They create new businesses and industries which help create jobs and stimulate economic activity.
Government Policies and Regulations: Government policies and regulations play a critical role in shaping the economic growth of a city or region. Policies such as tax incentives, subsidies, and regulations can all influence economic growth.
Globalization and Trade: The global economy and globalization have a massive impact on local economies. Trade policies and international economic agreements shape the economic growth of cities and regions.
Urbanization and City Planning: Urbanization plays a crucial role in shaping economic growth. Efficient city planning can help create vibrant and prosperous urban centers that contribute to the overall economic performance of a region.
Health and Wellness: The cost of healthcare and overall health and wellness of an area’s residents can play a significant role in economic growth.
Environmental Sustainability: Environmental sustainability is essential for economic growth over the long term. Clean energy solutions and efforts to preserve natural resources can help promote economic growth while reducing negative environmental impacts.
Infrastructure: Infrastructure is a critical component of economic growth. Efficient transportation systems, water and energy supplies, and communication networks are all important factors that contribute to economic growth.
Cultural Environment: Cultural amenities like museums, theaters, and restaurants help make cities more attractive to tourists and residents. A vibrant cultural environment can also spur economic growth by attracting businesses and entrepreneurs.
Poverty and Inequality: Managing poverty and reducing inequality are necessary for economic growth over the long term. Economic systems that leave large segments of the population behind are unsustainable and can inhibit long-term economic growth.
Political Stability: Political stability is essential for economic growth. A stable government provides businesses and investors with confidence, thereby stimulating economic growth.
Investment and Financing: Investment and financing play a critical role in economic growth. Game-changing economic innovations and technologies require significant investment and funding to bring them to fruition.
Fiscal and Monetary Policy: Fiscal and monetary policy are important for regulating and managing the economy. Policies such as lowering interest rates, increasing government spending, and reducing taxes can all stimulate economic growth.
Extensive urban growth: This type of growth involves an increase in the physical size of urban areas, as new lands are added to the current urban area.
Intensive urban growth: This type of growth involves an increase in the population density and economic activity by building new structures and expanding existing ones.
Employment-led urban growth: Achieving sustained economic growth through the promotion of employment opportunities or increasing the productivity of the workforce.
Infrastructure-led urban growth: Achieving sustained economic growth by improving the infrastructure of urban areas, such as transportation systems, communication networks, and public services.
Service sector-led urban growth: Achieving sustained economic growth by focusing on the service sector, such as providing better healthcare, education, and tourism services.
Innovation-led urban growth: Achieving sustained economic growth by promoting innovation and entrepreneurship, attracting investment in research and development, and creating new markets.
Knowledge-led urban growth: Achieving sustained economic growth by focusing on creating and sharing knowledge, such as through universities, research institutes, and information technology.
Sustainable urban growth: Achieving sustained economic growth while managing environmental and social issues, such as reducing carbon emissions, managing waste, and promoting social inclusion.
"The concept has existed in the West for far longer."
"Modernization", "Westernization", and especially "industrialization" are other terms often used.
"Economic development policies focused on industrialization and infrastructure."
"Since the 1960s, it has increasingly focused on poverty reduction."
"Economic development is a policy intervention aiming to improve the well-being of people, whereas economic growth is a phenomenon of market productivity and increases in GDP."
"Amartya Sen describes economic growth as but 'one aspect of the process of economic development'."
"Economists primarily focus on the growth aspect and the economy at large."
"Researchers of community economic development concern themselves with socioeconomic development as well."
"The economic well-being and quality of life are improved according to targeted goals and objectives."
"To improve the well-being of people."
"Modernization", "Westernization", and especially "industrialization".
"Industrialization and infrastructure."
"Since the 1960s."
"Economic growth is a phenomenon of market productivity and increases in GDP."
"Amartya Sen describes economic growth as but 'one aspect of the process of economic development'."
"The growth aspect and the economy at large."
"Socioeconomic development as well."
"The economic well-being and quality of life."
"The nation, region, local community, or individuals."