Definition of Economic growth:
Increase in a countrys productive capacity, as measured by comparing gross national product (GNP) in a year with the GNP in the previous year.
Increase in the capital stock, advances in technology, and improvement in the quality and level of literacy are considered to be the principal causes of economic growth. In recent years, the idea of sustainable development has brought in additional factors such as environmentally sound processes that must be taken into account in growing an economy.
An increase in the amount of goods and services produced per head of the population over a period of time.
How to use Economic growth in a sentence?
- He believes that creativity holds the key to economic growth.
- The export of jobs due to free trade played havoc on the economic growth of the entire nation despite extensive deficit spending.
- We wanted to see the rate of economic growth in the developing country, so we could trace its path from poor to wealthy.
- You should always know what the economic growth of a project can be and decide if it is worth the risk.
Meaning of Economic growth & Economic growth Definition