Strong Economic Growth

Definition

Strong economic growth refers to an increase in a country's production of goods and services over time. It is often measured by changes in Gross Domestic Product (GDP) and indicates an expanding economy.

Related terms

Standard of Living: Standard of living refers to the level of wealth, comfort, material goods, and necessities available within a society.

Income Inequality: Income inequality measures how unevenly income is distributed among individuals or households within an economy.

Human Development Index (HDI):

HDI is a composite index that measures overall well-being in terms of life expectancy, education levels, and standard of living within countries.