economic growth
Definition
Increase in a country's productive capacity, as measured by comparing gross national product (GNP) in an year with the GNP in the previous year. Increase in the capital stock, advances in technology, and improvement in the quality and level of literacy are considered to be the principal causes of economic growth. In recent years, the idea of 'sustainable development' has brought in additional factors such as environmentally sound processes that must be taken into account in growing an economy.
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