Economic Powerhouse

Definition

An economic powerhouse refers to a country or entity that possesses significant economic strength and influence in the global market. It is characterized by high levels of industrial production, technological advancements, and substantial economic growth.

Related terms

Industrialization: The process of transforming an economy from primarily agricultural-based to one based on manufacturing and industry.

Gross Domestic Product (GDP): The total value of goods and services produced within a country's borders in a specific time period, often used as a measure of its overall economic performance.

Trade Surplus: When a country exports more goods than it imports, resulting in a positive balance of trade.