Concept Economic Growth
Economic growth is characterized by an increase in the total output of an economy.
It occurs when a society acquires new resources or when society learns to produce more with existing resources.
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| Economic Growth |
How to achieve economic growth?
- The country's attempt to uncover new resources to help it continue the process of economic growth, such as gold and oil discoveries.
- The increase in the workforce "manpower" in the country is a major factor in economic growth, and it is desirable to pay attention to it and develop it.
- Technology and new scientific discoveries are among the causes of economic growth, and their availability depends on having significant savings in the country to attract technology.
Importance of economic growth
- The further improvement in the standard of living of individuals with the increase in national income.
- The presence of permanent demand for workers, which eliminates the dilemma of unemployment in the economy and thus stimulates permanent production.
- Reducing the deficit in the state’s general budget or achieving a surplus that can be invested.
- The existence of economic stability in the country, by providing the basic needs of the country for resources, goods, and others.
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