Question

What are the main characteristics of modern economic growth?

Answer 1

Ans...

1. There is high rates of per capita output and population growth.
Countries experience multiples of growth in their economies accompanied by population.

2. High rates of productivity increase.
There is high rise of factor productivity.

3. High rates of economic structural transformation.
There is an increase in structural and sectoral change inherent in growth process. For example, change from manufacturing to service industry.

4. High rates of social, political and ideological transformation.
For a significant economic structural change to take place in a society concomitant transformations institutions ideology is necessarily.

5. International economic outreach.
This relates to propensity to which country reach the rest of the world for raw materials, cheap labour and market for their products

Answer 2

The main features of a modern economic growth are the changes taking place in the economy in regards to the social and economic structures of the country through a controlled process.

Explanation:

• Economic growth is the development of the economy which leads to an increase in the production of goods and services. The modern economic growth of the economy is generally measured by the national income of the country and GDP of the country
• The various characteristics of modern economic growth are the changes in the structural framework of the , increase in growth of per capita income and output and increase in the production of goods and services
• Economic growth is the increase in the various inputs used for production in regards to the labor and population and in the output of production. The  modern changes in the economy which is shifting from the mode of agriculture to other service oriented sectors.

To know more about economic growth

What is economic growth? Explain the difference between economic growth and economic development.

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