Governments have different perspective on Economic Growth. Yet these aspects are very vital in making an economy stable and rich.
Economic Growth must have these four important ingredients:
- Domestic Private Investment: Its the volume of the money citizens invest within their own country.
- Agreeable Demographics: It’s the increased volume of people entering the workforce. There should be more people in the workforce rather versus them leaving it. This would cause a positive effect to the economy, it will grow to be more rich and productive.
- Sound Money: A nation does not experience sudden fluctuation in its currency. A nation must not experience sudden depreciation or appreciation in its purchasing power.
- Free markets. It’s when the prices and wages in a certain country have unregulated competition. This should happen among businesses and the government removing the fear of monopolies.
