Economic Growth

Economic growth refers to the increase in the production of goods and services in an economy over a period of time, typically measured by the rise in real Gross Domestic Product (GDP). It indicates a positive change in the economy’s capacity to produce and is often attributed to factors such as increased investment, technological innovation, improved labor productivity, and expansion of the workforce. Economic growth is associated with higher living standards, increased employment opportunities, and improvements in public services and infrastructure. However, it can also lead to issues like environmental degradation and income inequality if not managed sustainably. Overall, economic growth is a crucial indicator of a nation’s economic health and vitality.