How Interdependent Economies Contribute to a Global Economy, and Why Economic Disparity Exists
The Economy of a country is the production and consumption of goods and services in tandem with the supply of money. Any kind of economic activity done in a country increases the economic growth. Economic growth of a country increases the market value of the goods and services produced by the economy over time. Generally, Most developed economies experience slower economic growth as compared to developing countries. For instant, In 2016 American economic growth rate was 1.6% whereas the economic growth rate of India was 7.1%. This is a drastic difference; these data may be misleading because the US’s GDP is 18.57 trillion dollars whereas India’s GDP is 2.264 trillion dollars. Economic Growth Economic Growth is the most important factor of economies. It reduces poverty and unemployment, increases public services, stabilizes different political aspects, and many more. Overall it leads to an increase in the standard of living and quality of life for citizens. Growing economies ...