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Economic Growth

Economic growth refers to the increase in the production of goods and services in an economy over a specific period, typically measured by the rise in real Gross Domestic Product (GDP). It indicates how effectively an economy is utilizing its resources and is often associated with improvements in living standards, income levels, employment rates, and overall economic health. Economic growth can be driven by various factors, including technological advancements, capital investment, labor force enhancements, and increased consumer demand. It is a fundamental concept in economics, often used to assess the performance of an economy and to formulate policies aimed at fostering development and improving economic conditions. Economic growth can have both positive and negative consequences, such as environmental impacts or inequality, which are often considered in discussions about sustainable development and welfare.