Economic growth

Economic growth is a crucial aspect of any society as it denotes the increase in the production of goods and services within an economy over a specified period. This growth is typically measured by the growth rate of Gross Domestic Product (GDP), a paramount indicator of a nation's economic health. Economic growth is indispensable as it leads to higher living standards, improved employment opportunities, and enhanced government revenues, which can be utilized for public services and infrastructure improvement. Factors driving economic growth include investment in capital, technological innovation, workforce development, and sound economic policies. Understanding economic growth helps policymakers, investors, and businesses to make informed decisions that foster a robust and sustainable economy.