What is Economic Growth and what are the Factors affecting economic growth
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What is Economic Growth and what are the Factors affecting economic growth?
Answer: Economic growth is generally distinguished from development economics. An increase in the capacity of an economy to produce goods and services compared from one period of time to another. For comparing one country’s economic growth to another, GDP or GNP per capita should be used as these take into account population differences between countries. The growth of an economy is thought of not only as an increase in productive capacity but also as an improvement in the quality of life to the people of that economy. Following are the factors affecting the economic growth are
- Growth phases and sector shares
- Demographic changes
- Historical sources of productivity growth.
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