Complete 14 page APA formatted essay: Economic growth of Asian countries.
That’s why it may rise simply by the rise in the price level without any change in the volume of goods and services produced. In order to solve this problem we consider the concept of real GDP. To calculate real GDP we have to assume a base year. A base year is normally selected from the previous years in which the functioning of the economy was normal.
Once we select the base year then we measure the value of goods and services produced in the current year at the price of the base year. This is known as real GDP. A rise in real GDP definitely implies economic growth.
Another measurement of the economic growth is the Per Capita Income i.e. the average of the national income of the country. If the per capita income of a country grows over time it would also imply economic growth. (Donbusch and Fischer, 1989)
Here we are to discuss the importance of economic growth for a country. Economic growth is an important factor in promoting the economic development. Hence economic growth is a mean and economic development is an end by itself.
From the definition of economic growth it is vivid that economic growth implies increase in production of goods and services within the economy. The creation of goods and services means the creation of wealth within the economy.
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