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The economic growth rate is typically calculated as real Gross domestic product (GDP) growth rate, real GDP per capita growth rate or GNI per capita growth. The "rate" of economic growth refers to the geometric annual rate of growth in GDP or GDP per capita between the first and the last year over a period of time. This growth rate represents ...
An economic expansion is an upturn in the level of economic activity and of the goods and services available. It is a finite period of growth, often measured by a rise in real GDP , that marks a reversal from a previous period, for example, while recovering from a recession .
GDP does not include several factors that influence the standard of living. In particular, it fails to account for: Externalities – Economic growth may entail an increase in negative externalities that are not directly measured in GDP. [80] [81] Increased industrial output might grow GDP, but any pollution is not counted. [82]
The UK economy grew a “flat” 0.1 per cent between October and December last year, according to official figures. Analysts predictions varied, with some expecting a 0.2 per cent rise in GDP ...
A bank, a hiring firm and wealth managers weigh in on what economic growth means for everyday people What does 0.1% economy growth really mean for you? How it affects jobs, saving money and more ...
Whereas economic development is a policy intervention aiming to improve the well-being of people, economic growth is a phenomenon of market productivity and increases in GDP; economist Amartya Sen describes economic growth as but "one aspect of the process of economic development".
Macroeconomics is traditionally divided into topics along different time frames: the analysis of short-term fluctuations over the business cycle, the determination of structural levels of variables like inflation and unemployment in the medium (i.e. unaffected by short-term deviations) term, and the study of long-term economic growth.
Leapfrogging is a concept used in many domains of the economics and business fields, and was originally developed in the area of industrial organization and economic growth. The main idea behind the concept of leapfrogging is that small and incremental innovations lead a dominant firm to stay ahead.