Economic growth is of great importance for many countries, because it helps them to support their economy, increase the level of income, and contribute to the treatment of unemployment, so what is economic growth and what is its importance
Economic growth: It is a set of tools that help increase income and its value through making the most of the available economic resources. Economic growth is all the processes that seek to use state resources to increase national income and achieve the highest rates of income for individuals and companies, as the state uses all factors of production : From natural and human resources and capital in order to raise production rates and increase the amount of goods and services, by providing workers, machines, machines and productive resources that contribute to supporting economic growth. And economic growth contributes to supporting the economy of countries and increasing rates of self-sufficiency by supporting companies, individuals and institutions, and then measuring the extent of their success in achieving the required value of income during the fiscal year. Every country in the world strives to achieve sustainable economic growth for future generations, and sustainable development depends on preserving available resources and exploiting them in a way that guarantees their sustainability, continuity and long-term survival. It is an indicator of prosperity and well-being. Economic growth is an increase in average real per capita income over time, which is total income divided by population, but note that increasing total income does not necessarily mean increasing economic growth.
The importance of economic growth lies in increasing the value of income that improves the level of individual income, providing basic needs, especially food, at affordable prices for all, creating more job opportunities, improving the health, educational, and social level of individuals, reducing the financial deficit in the budget, supporting the balance of payments, and achieving The economic stability of the country and contribute to the growth of local income. Economic growth is achieved through setting economic plans and solutions to improve the economic level of the state, caring for and training workers and employees, providing all financial tools and information, and financial technology means to improve and increase local production and national income, rationalizing consumption, preserving the country’s resources, and spreading economic awareness.
In the next article, God willing, we will look at what is economic development and then the difference between economic growth and economic development