The Basics of Economic Growth

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We can explain economic growth as an expansion which has a sustainable production possibility. Its measurement takes place with the hike in real GDP over a certain period. A developing nation can easily transform into a rich nation if that country maintains their economic growth and continue with it over a certain number of years. This technique is used by many Asian countries like South Korea and Hong Kong.

However, that country whose economic grow this slow or is absent, those nations condemns them to devastating poverty. Few countries with this awful fate are like Zambia, Somalia, Sierra Leone, and a majority state in Africa.

The main objective of this chapter is to give you a better idea regarding economy and changes associated with it (rapid expansion or stagnant). Our first step to its comprehension is computation to economic growth rate, thereby identifying the reasons for such sustained growth.

 

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