A Review of the True Meaning of Economic Growth and Variations in Rates of Economic Growth around the World

Economic growth is always considered to be one of the foremost aims for any government – an increase in the total GDP (gross domestic product) of a nation which makes it a more powerful economic power on the world stage, and so on. However, achieving substantial economic growth does not necessarily mean that the benefits that come with it have trickled down throughout the entire population of the nation. Further, the rapid economic growth rates of certain Asian nations are often quoted whenever this topic is broached, while the economic growth of many under-developed nations seems to be stunted. This paper presents a lens through which economic growth can be looked at in its entirety, and not simply as a rise in GDP. The differing rates of economic growth in different parts of the world have also been explored within the scope of the paper.