Economic growth strategies for countries
To put things better into perspective, economic growth represents an increase that is often seen in the inflation-adjusted market value of all services and goods that are produced by an economy over a certain period of time. Usually, economic growth is measured as the percentage of increase in the gross domestic product, also referred as the GDP. For instance, during the year of 2015, Ethiopia has surprisingly seen a massive GDP growth of over 10%, whereas Monaco, India, China, Vietnam, Chad, Panama, Bangladesh, Malaysia, Oman, Zambia, Egypt, Romania, Sweden, Uruguay and a few more have seen an impressive economic growth. On the other hand, countries such as Norway, Tunisia, Canada, Japan, Cyprus, Serbia, Argentina, Finland, Iraq and a few more have witnessed a low economic growth. Some of the countries that have experienced an economic downfall include Yemen, Sierra Leone, Ukraine, Syria, Libya, South Sudan, Brazil and Russia.
Surprisingly, many of the world’s rich countries did not achieve massive economic growth, rather a sustainable one. This is mostly due to avoiding an over-heated economy that can produce a downfall, rather than a growth in most cases. Rich countries focused on increasing their production, exports, but also investments, whereas developing countries should focus on the same aspects, while trying to escape debt. Some of the strategies that can be implemented include:
The impact of financial crises on growth opportunities is often quite huge, and difficult to deal with, which is why countries facing economic distress should firstly focus on getting out of the difficult situation, and then attempt increasing the quality of the economy and GDP.