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Definitions from the WebEconomic GrowthDescriptionEconomic growth refers to a sustained increase in an economy's production or output of goods and services over time. It is typically measured by the annual percentage change in real gross domestic product (GDP) and is considered a crucial indicator of a country's overall economic health and development. Sense 1: Overall Increase in ProductionIn its broadest sense, economic growth signifies the overall expansion in the productive capacity of an economy. This could include improvements in technology, increasing investments, and enhanced utilization of available resources. Example sentence: The government's economic policies resulted in a significant increase in the country's economic growth, leading to job creation and higher incomes for its citizens. Sense 2: Per Capita GrowthEconomic growth can also refer to an increase in the average standard of living within a population. Per capita economic growth measures the growth in income or output per person in an economy. Example sentence: The country experienced remarkable per capita economic growth, allowing its citizens to enjoy a better quality of life through improved public services and increased consumer spending. Sense 3: Economic Growth RateEconomic growth rate is a term used to express the speed at which an economy expands over a specific period. It is often calculated on an annual basis. Example sentence: The economist predicted that the country's economic growth rate would reach 4% this year, driven by strong domestic demand and favorable external conditions. Related Products on Amazon: | ||||
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