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Growth |
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Growth, in economic terms, means an increase in real gross domestic product, which implies higher output and incomes. Economists are unable to describe the precise causes of growth; but technical progress has much to do with it. From 1950 until 1973 growth accelerated in most of the ‘developed’ world; in the rest of the 1970s, the industrialized countries found the path to growth more difficult. Slow growth results in increased unemployment, slower rising incomes and disgruntled voters. TF |
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