CHARACTERISTICS OF MODERN ECONOMIC GROWTH: There are six main isolate characteristics features manifested in the growth process of almost every developed nation. They include:
Two aggregate economic variable:
- High rates of growth of per capital output and population.
- High rates of increase in total factor productivity, especially labour productivity.
Two structural transformation variables In ECONOMIC GROWTH
- High rates of structural transformation of economy.
- High rates of social and ideological transformation.
Two factors affecting the international spread of growth:
- The propensity of economically developed countries to reach out to the world for markets and raw materials.
- The limited spread of this economic growth to only a third of the world’s population
BENEFITS OF ECONOMIC GROWTH
One of the major reasons for desiring growth is to raise general living standard of the people. A country who’s per year doubles its living standard about every 24 years.
More so, economic growths will also id rate of growth makes it much more feasible politically to alleviate poverty.
Infact, it is much easier for a rapidly growing economy to be generous towards its less fortunate citizens or neighbours than it is for a static economy.
Finally, sustainable increase in the rate of economic growth is a source of national and international prestige.
Economic development is not possible without economic growth because economic growth the basic powerful weapon against poverty & it create, power & prestige to the whole nation. Infact, growth is a great blessing to the whole nation.