What factors contribute to economic growth?

What factors contribute to economic growth?

Economic growth is influenced by factors like capital accumulation, labor force growth, technological advancements, and policy decisions.

Can you explain how technology impacts economic growth?

Technology boosts productivity, creates new markets, and enhances efficiency, leading to increased output and economic expansion.

What role does government policy play in economic growth?

Government policies can stimulate growth through investments in infrastructure, education, and innovation, as well as by creating a favorable business environment.

Are there any negative effects of rapid economic growth?

Yes, rapid economic growth can lead to environmental degradation, income inequality, and resource depletion if not managed sustainably.

How can developing countries achieve sustainable economic growth?

Developing countries can achieve sustainable growth by investing in education, infrastructure, and technology while promoting inclusive policies.