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economic growth |
Also found in: Financial, Wikipedia, Hutchinson | 0.01 sec. |
economic growthProcess by which a nation's wealth increases over time. The most widely used measure of economic growth is the real rate of growth in a country's total output of goods and services (gauged by the gross domestic product adjusted for inflation, or “real GDP”). Other measures (e.g., national income per capita, consumption per capita) are also used. The rate of economic growth is influenced by natural resources, human resources, capital resources, and technological development in the economy along with institutional structure and stability. Other factors include the level of world economic activity and the terms of trade. See also economic development. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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According to Eurostat, with the exception of Malta, the new members had GDP growth rates well above the EU15 average of 1. A slowing in GDP growth in China due to slower growth of the population and labor force, and because of slowing productivity growth as convergence occurs, easily could bring GDP growth to about 8 percent, in a still very optimistic case. As an example, the accompanying chart plots GDP growth from 1980 through 2005 for two sets of the world's countries. |
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