Category: Economic Growth

Economic growth refers to the increase in the economic output of a country, typically measured by the rise in its Gross Domestic Product (GDP) over a specific period. It indicates how efficiently an economy is producing goods and services and reflects improvements in living standards, employment opportunities, and overall economic health. Economic growth can result from various factors, including increases in workforce productivity, technological advancements, capital investments, and favorable government policies. Sustainable economic growth is often seen as essential for improving the quality of life for citizens and for providing the resources necessary for public services and infrastructure development.