Essay on the Economic Development of a Country.
The economic growth of a country is the increase in the market value of the goods and services produced by an economy over time. We define economic growth in an economy by an outward shift in its Production Possibility Curve (PPC). Economic growth is measured by the increase in a country’s total output or real Gross Domestic Product (GDP) or Gross National Product (GNP).Positives and negatives of Economic Growth. We would have often heard of increase or decrease in GDP, what does this mean? GDP is the way we define the economic growth. Increase in GDP is the economic growth. Which in turn defines the productivity of the country.A nation’s economic growth can contribute to several different kinds of pollution, affecting health and motivating policymaking decisions. “Our point is not to dispute the quantity of pollution, nor is it to argue about the effects of pollution on people’s health or the climate,” Vandenbroucke and Zhu said.
What is trend growth? Trend growth refers to the smooth path of long run national output. Measuring the trend rate of growth requires a long-run series of data perhaps of 20-30 years or more in order to calculate average growth rates from peak to peak across different economic cycles.The great umbrella of globalization, a product of trade liberalization, now covers every corner in the world. The extent of its effects on economic inequality is debatable. Trade economist Paul Krugman supports the proposition that globalization is an important cause of inequality. Because of increasing trade among countries, workers in richer.
On the other hand, if the population growth rate levels are not managed well, they are likely to lead a country into an economic crisis according to Wang Feng. According to him, China’s demographic changes are an indicator of the country’s future economic growth (Aziz and Cui 181).
