Economic Growth

About economic growth
By economic growth, it is meant economic progress and advancement. That may be achieved through various ways like development of infrastructure or by eradication of economic crises.

About economic growth
By economic growth, it is meant economic progress and advancement. That may be achieved through various ways like development of infrastructure or by eradication of economic crises.

An important aspect of economic growth is that it is never uniform or same across all sectors in an economy or all states of a country. For example in Australia, mining sector has done well along with services sector. In comparison to these two sectors, manufacturing sector has not been that good a performer as far as contribution to economic development of Australia is concerned.

There are a number of factors that may hamper economic growth such as trade deficit. It has also been observed that factors like alterations in expenditures by governmental bodies have played an important role in economic growth of a nation. Often when costs of goods and services go up, it has an adverse effect on prospects of economic growth of that particular country. Quite often governments play important roles in economic development of a nation by inventing and implementing plans and strategies that address imbalances within an economy. They also upgrade facilities, which are already in a good state.

Economic growth and GDP growth
Economic growth has a direct relationship with growth of gross domestic product, as latter is an indicator of economic welfare. If gross domestic product of a particular country goes up it would almost automatically mean economic growth of that particular country.

Economic growth and domestic demand
Domestic demand plays an important role in determining extent of economic growth as they are proportionately related. This implies that if domestic demand for goods and services is on higher side, it would help economy of that country to grow.

National and global economic growth
It has been observed that national and global economic growth are related. This can be understood by effect of global financial crisis 2008 on various countries like United States of America, India, etc.

• Australia Economic Growth
• China Economic Growth
• Canada Economic Growth
• India Economic Growth
• Japan Economic Growth
• Malaysia Economic Growth
• Mexico Economic Growth
• Pakistan Economic Growth
• Philippines Economic Growth
• Singapore Economic Growth
• UK Economic Growth
• US Economic Growth