Question

Difference between stagnant and backward economy

Answer 1

Explanation:

A) Sagnant Economy:-

Economic stagnation is a prolonged period of slow economic growth (traditionally measured in terms of the GDP growth), usually accompanied by high unemployment. Under some definitions, "slow" means significantly slower than potential growth as estimated by macroeconomists, even though the growth rate may be nominally higher than in other countries not experiencing economic stagnation.

B) Backward economy:-

Backward economy is the economy which is characterised by low standard of living, poor health services, high death rates, high birth rates, low per capita income and dependence on foreign countries.