Economic growth is a rise in the production of goods and services on a comparative basis between two periods of time. It can be calculated in nominal or real (inflation-adjusted) terms.
Increased output of products and services
Increases in capital goods, labor force, technology, and human capital
increase in aggregated market value of additional goods and services
Expansion, peak, contraction, and trough are the four stages of economic growth
Tax reductions often have less of an impact on economic growth
Economic progress would be sustained if the benefits flow only to a small few.
It can be used to contrast various nations and areas
Workers and businesses often fare better when the GDP is increasing than when it is not
When the GDP falls for two straight quarters, a recession is evident.
Governments use GDP to determine how much they can spend on public services and how much revenue they need to earn
Employment typically drops when GDP contracts
Understanding the state of an economy through GDP aids decision-making by investors, firms, and policymakers
A contractionary monetary policy is a policy that increases the increase rates controlled and influenced by the central bank within an economy that increases the money supply & reduce the disposable income of the economy
In 2017, the global unemployment rate was 5.6%, a decrease from 6.4% in 2000
61% of all workers in the world worked in informal jobs in 2016. 51% of all workers, excluding those employed in agriculture
Globally, there is a 23% gender pay difference, and if nothing is done, it will take 68 more years to reach equal pay. Men participate in the labour force at a rate of 94%, compared to 63% for women
In 40 out of 45 countries with data, men earn 12.5% more than women.