What factors determine economic growth in a country?

[PICKFORD]

Economic growth refers to sustained rise of increase in per capita income of output (goods and services) over a period of time accompanied by expansion in the labour Force consumption capital and volume of participation. there are a lot of factors that determine economic growth of a particular country to be precise a developing country like Nigeria let's consider a few of these:

1. supply of natural resources:
the quantity and quality of natural resources play a vital role in the economic development of a country natural resources and minerals forestry the quantity of natural resources available in a country put limits on the level of output on goods which could be attend

2. Capital formation:
When labour is combined with capital to produce goods and services workers need machine tools and factories to work setting up of more factory equipped with machine and tools which writes the production capacity of the economy there for capital formation is the very core of the economy.

3. Growth of population:
other factor that determine the rate of economic growth is the growth of the population the level of output by increasing the number of working population or labour Force provided all are absorbed in productive employment the growing population means growing market of goods which facilitate the process of economic growth.

 

[Kingsley]

Economic growth and development or advancement is what every reasonable and rational thinking government will place as their priority. Governments all over the world are making functional road map to ger their economy working and get their economy out of poverty, making life very comfortable for her citizens. No good government will be happy to see her best and most qualified citizens, like doctors, nurses, and other professionals running away from her country because of hardship and bad leadership, no right thinking government will derive joy in plunging her country into serious debt and making her country the capital of all poor peoples of the world. No wise government will keep on borrowing knowing fully knowing well that they will never be able to pay back even until the 10th generation yet unborn. All these are things that bringing set back to a countries economy.

No reasonable government will be showcasing provision of good road and stable power supply in their campaign manifesto as a major project to be embarked upon in this 21st century.

No sensible government will deprive her citizens of the opportunity to air their opinions on public issues or make deliberate effort to cut off their access to social media. When all that I have listed is absent in a country there will be economic growth.

 

[eldavis]

Indeed these are good factors that affect or determines the economic growth of a country. To add to what you have said,, some other factors that also determines the growth of the county's economy is technological developments. We are in a generation that almost everything has be computerized. In other to have effective results in such a short period of time, the use of technology is needed. In so many sectors today technology has been added to make production process alot easier.

 

[Sotherefore]

Yes I know the supply and availability of natural resources will be among one of them because it is the main determinant of the growth of a particular country, natural resources play a very important role in the success and the growth of the economy of a country, even though it affects and improve the economy of a country but if the government are not able to manage the economy during that period of time it is still possible that the economy of a particular country my still goes down if there is no more availability of these natural resources.

I don't really know if population of a particular country really improve the economy of that country because when there is high competition sometimes it may lead to unemployment which may likely results in cheap labour , a moderate population in the country will really improve the economy of a country perfectly than high population like you have just said.

Generally for the economy of a particular country to grow perfectly the country must have something reasonable to offer to other countries of the world about from natural resources and if these things is not there the economy of such country is likely to go down.

 

[funmi]

Factors that can determine economic growth and development are numerous but are highly overlooked by the leadership of my country. When a country is seeking economic growth and development the first God created was light to come out of darkness. The first thing I consider as one of the major thing that can bring about economic growth and development is light and this light is in two forms. One is electrical power when there is electricity in a could try it will attract foreign invest either through tourism or through direct investment. The second aspect of light am referring to is education if a country has a very standard educational system the country's citizens will be highly empowered. When we take statistics of the world class economy of the world today we will discover that close to 98% of their citizens are always educated or literates. This goes a long way to determine the success of such a nation. In country where the people are educated wll show case a high level of development and growth. Then another area is health and good roads those two areas are very essential to attract foreign investment to a country, lastly good leadership.

 

[Hagson1]

One of the major thing that will show or give you a well developed country is economy. Every country that you had about, that is developed is because of the level that they reached in their economy. The stability of the economy of a country is very important. Factor that can determine the economic growth of a country is government policy. How government rule the country can bring about economy growth. Availability of electricity is also very important in economy growth. Any country that has insufficient electricity is important to experience economic growth. This is because all the activities of the country depends on electricity. In addition to that the country has to attend a certain level of education before their economy can be maintained. A country that doesn't value or take their education serious will never experienced economic growth. Bad transportation road can also hinder the economy of a country from moving forward. If people can not transport their goods and services at easy in a country, tell me how do that country will attend a standard and we'll developed economy. Therefore government needs to this things into consideration so as to helps their country grow economically, as it is the major thing the country needs.

 

[btaliat]

You have really mentioned the importance factors that do contribute to the growth of the economy. I know need to address the last point which is population before I start to add mine.

Population may not really be the yardstick for economic growth. There are many countries that have small population but they have good economic growth. For instance, the population of Saudi Arabia is around 30 million and they are growing more than Nigeria of almost 250 million. What we need is productive population and not really population.

Other factors that can determine population growth include the following among others .
The rate of employment level. The more the citizens are able to secure employment, the better chance of the countries to have more economic growth as employment will always reduce the dependency ratio.

Provision of infrastructure and social amenities. This will surely cause foreign investors and allow high productivity. A country that has electricity on a steady move and the other infrastructures that can make live easier for the citizens will surely have more growth because people will be able to afford all what thy need and even foreigner will always love to invest in scuh a country because of this.

 

[Carpon]

Economic growth is weighed based on so many parameters and the ones which I regard as the major are the values of the nation's GDP, it's national currency's worth and it's contributions to the international market.

A country's GDP will show you how recognizably resourceful a nation is and it tells you a lot about the economic state of the nation. Small GDP signals poor economy and vice versa.

When a country's economy is good, it's currency will gain more value in the exchange market. If you are into forensics you will find out that there are various movements of figures and that is because of the regular shifts in the economic state of nations relatively...

Then a nation with good economy should be able to attract foreign investors. If your economy is doing well and shows signs of being productive, foreign investors will begin to take interest in the nation.

 

[Ramolak19]

Nigeria's economic growth is determined by a number of factors. Natural resource endowments of the nation, such as its oil and gas reserves, infrastructure development investments, political stability, credit availability, prudent macroeconomic policies, foreign direct investment, technological advancements, agricultural productivity, and highly qualified human capital are a few of these. Then, a number of other elements contribute to Nigeria's sustainable economic growth, including the effectiveness of the administration, the ease of doing business, and strong governance.

 

[King bell]

Many different things contribute to the economic growth of a nation. They include capital investment, human investment, technology development, political stability, trade policies and natural resource endowment. This also influences economic growth through macroeconomic effects like inflation, interest rates and exchange rates. Another is a good business climate involving sound legal environment and infrastructure which can enhance economic growth by attracting foreign direct investment as well as promoting local entrepreneurial activities. Lastly, there are demographic factors such as population growth rate coupled with social aspects like education levels that stimulate economic growth by expanding the labor force and encouraging new ideas in an economy.