Economic progress refers to the positive change in a country's economic indicators over time, such as increased GDP, per capita income, employment rates, and standard of living. It implies sustained growth and improvement in the overall economic well-being of a nation.
Related terms
Gross Domestic Product (GDP): The total value of goods and services produced within a country's borders during a specific period.
Income inequality: The unequal distribution of income among individuals or households within an economy.
Human Development Index (HDI): A composite statistic that measures the average achievement in key dimensions of human development, including life expectancy, education level, and per capita income.