Definition

1. Noun:
   • Steady increase in a nation's productive capacity and national income: "Economic growth" refers to the sustained expansion of an economy's ability to produce goods and services, typically measured by an increase in real Gross Domestic Product (GDP) or national income over time.
   • The process of economic expansion: It describes the long-term trend of improvement in a country's economic output and standard of living.

Usage Examples

• Noun:
  • The government's policies aim to stimulate economic growth. (The government's policies are designed to encourage the expansion of the economy's productive output.)
  • Sustained economic growth is essential for reducing poverty. (A continuous increase in national income and productive capacity is crucial for alleviating poverty.)
  • The report analyzes the factors behind the region's rapid economic growth. (The report examines the reasons for the region's swift expansion in economic output.)

Advanced Usage

• "to foster/promote economic growth": to encourage and support the expansion of the economy.
  • Investing in infrastructure is key to fostering economic growth.
• "rate of economic growth": the speed or percentage at which the economy is expanding.
  • The country's rate of economic growth slowed last quarter.
• "inclusive/sustainable economic growth": economic expansion that benefits all segments of society or that can be maintained without depleting natural resources.
  • The new framework focuses on achieving sustainable economic growth.

Variants and Related Words

• Growth (n): The process of increasing in size, amount, or value. While "growth" is general, "economic growth" is specific to the economy.
• Economic development (n): A broader concept that includes economic growth along with improvements in quality of life, infrastructure, and institutions.
• GDP growth (n): A common metric used to measure economic growth, referring to the increase in the value of goods and services produced.

Synonyms

• Economic expansion: The act of becoming larger or more extensive in economic terms.
• Prosperity: The state of being successful and thriving, especially in economic terms, often a result of growth.

Related Phrases

• Engine of growth: A primary factor that drives economic expansion.
  • Innovation is often described as the engine of economic growth.
• Growth trajectory: The projected or historical path of economic expansion.
  • The pandemic altered the nation's economic growth trajectory.

Related Idioms/Concepts

• Rising tide lifts all boats: An idiom suggesting that general economic growth (the rising tide) benefits all participants in the economy (all boats).
  • The principle of a rising tide lifts all boats is often cited to justify policies aimed at overall economic growth.

Noun

1. steady growth in the productive capacity of the economy (and so a growth of national income)