Rapid economic growth refers to a significant and sustained increase in a nation's overall economic output, typically measured by indicators such as gross domestic product (GDP) or per capita income. It signifies an expansion of production, trade, and consumption within a relatively short period.
Related terms
Industrialization: Industrialization refers to the transformation of an economy from primarily agricultural-based production to one dominated by manufacturing industries. It involves the adoption of new technologies, machinery, and mass production techniques.
Urbanization: Urbanization is the process of population concentration in urban areas due to rural-to-urban migration. It is often associated with rapid economic growth as people move from rural areas to cities in search of job opportunities.
Global Trade: Global trade refers to the exchange of goods and services between nations across international borders. During periods of rapid economic growth, nations often participate actively in global trade networks to expand their markets and access resources.