economic growth

  

Definition

Increase in a country's productive capacity, as measured by comparing gross national product (GNP) in a 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.


Use economic growth in a sentence

  • You should always know what the economic growth of a project can be and decide if it is worth the risk.

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  • We wanted to see the rate of economic growth in the developing country, so we could trace its path from poor to wealthy.

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  • The export of jobs due to free trade played havoc on the economic growth of the entire nation despite extensive deficit spending.

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