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An increase in national output, if and when it occurs. This concept must not be confused with devel opment, which is a broader indicator of economic per formance and policies affecting education, health, and income distribution. Gross domestic product (GDP) is the main economic variable that is used to measure economic growth or performance.
The pace of economic growth across the world is not even. Some nations continue to grow faster than others because of differences in the availability of economic resources and deliberate policy measures that are adopted by policymakers. Growth may be stalled or retarded because of population pressures and gyrations in economic performance attributable to the business cycle or contingent shocks, such as natural disasters or unforeseen impediments.
The main determinants of the level ...