Rapid economic growth

Definition

Rapid economic growth refers to a significant increase in a country's overall economic output within a relatively short period of time. It is often measured by an increase in the Gross Domestic Product (GDP) or per capita income.

Related terms

Industrialization: Industrialization refers to the process of transforming an economy from primarily agricultural-based production to one that relies on manufacturing industries for economic development.

Foreign direct investment (FDI): FDI occurs when a company or individual from one country invests in businesses or assets located in another country, with the goal of establishing operations and gaining profits.

Export-oriented industrialization: Export-oriented industrialization involves focusing on producing goods for export markets rather than domestic consumption, often leading to increased exports and economic growth.