Definition of «economic growth»

Economic growth refers to an increase in a country's productivity, income and wealth. It is typically measured by the rate at which a country's Gross Domestic Product (GDP) grows over time. Economic growth can be driven by various factors such as increased investment in infrastructure, technological advancements, improvements in education and healthcare systems, and an increase in consumer spending. The goal of economic growth is to improve the standard of living for citizens through higher income levels, job creation, and access to better goods and services.

Sentences with «economic growth»

  • The central bank does, however, expect a more moderate pace of economic growth in the second half of this year. (loanbox.ca)
  • The numbers released today were based on the average of private sector forecasts for economic growth in 2016 - 17. (macleans.ca)
  • The trade figures led many economists to sharply raise their forecasts for economic growth in the final quarter. (news-to-use.com)
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